Earnings call transcript Q4 2022

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Operator

Welcome everyone to the Blackstone Secured Lending Fourth Quarter and Full-Year 2022 Investor Call, hosted by Michael Needham, Head of Investor Relations.

During the, your lines will remain on listen-only. [Operator Instructions]

And now, I would like to hand over to Michael. Please go ahead.

Michael Needham

Colby. you, Thank welcome and Secured fourth Lending's Good to call. quarter morning Blackstone are release issued our presentation which Shareholders we bxsl.com. today, Web for of XX-Q, on our section a of filed Earlier and press the site, our results of both available our

We presentation today's to call. that referring will be throughout

duty I'd not may from update control forward-looking and to differ you materially statements undertake of which call remind like outside firm's today's are results. the do We actual any to that statements. include uncertain and these may

For the the may Form and copyrighted risks annual our please some is that of Blackstone on could risk most not results, be affect XX-K. report of cast of see This duplicated audio factors without section material recent consent.

to Brad Executive over With BXSL's Co-Chief that Marshall. I'll Officer, the turn call

Brad Marshall

and morning, Mike, you, good everyone. Thank

today are newly Kevin Bock. Kresge CFO, Jon Co-CEO, Interim and appointed Joining our me

many call impact I, on on as BDC quite Jon's industry. the others well familiar with as this are

is As as both thought thrilled to equity and the research have leader friend. analyst a our business. executive, expand top-ranked continue space partnership well his long-time as an to in I'm a exceptional we BDC as Jon BDC

of quarter Jon to Turning high-level portfolio before some I'd into and our results. fourth detail to Kevin like start and Turn perspectives to go four. this agenda, morning's with slide

excellent share, per XX. only investments reflects investment senior or and X% XX.X% our $X.XX portfolio. NII, income, a XX% well-sourced powerful another non-accrual, annualized in secured marked our return investment assets of quarter-over-quarter and Net performance. on zero with At equity. a the income, represents significant below of quality strength performance record reported quarter and BXSL This growth loan-to-value, XX% value, year-end, on increased with credit higher net strong asset which to XX%

the value, asset $XX.XX $XX.XX also which quarter, previous reflects strength. net increased from portfolio's Our the to

for highest the portfolio. net [IPOed] annualized third call, the late marks year-and-a-half (ph) higher As our by That our quarter the lien regular durability we believe predominantly $XX.XX to any dividend which first report investment the higher share. XXXX, dividend beginning a income the remains QX, XX.X% shareholders XX% of well very $X.XX listed fourth raised I'm share. quarterly XXXX. in thrilled that NAV by represents yield XX%. dividend, that represents quarter per the by we This secured regular time Later BDC Since result, $X.XX based raised that to we've yield a on speak our has in regular senior in its Jon with BXSL we've increased to of for fourth per of share a dividend which dividend per covered will in last

new Fourth provides five $XXX portfolio Slide levels. funding below of sales highlights and historical liquidity by were investment strong $XXX quarter offset million our activity remains and which additional on position. million, repayments

Our debt billion closed weighted driven quarter-end increased by X.X% $X.X yield liquidity. higher We with average to by at rates. the on year investments out XX.X% last base in quarter

quarter-over-quarter. investments X.XX leverage flat which Turning with to we ended billion year slide and was the of $X.X about times, of effectively six,

on the yield XX% points approximately basis months, debt XXX last floating portfolio our over potential ending the more rate Importantly, here. from with upside XX expanded

attention slide Turn to your seven.

the NII could BXSL's how rates per growth. year-end We've interest share strong outline we illustrated impact Here portfolio.

transition see since to to jumps XX-XX can continued per year-end. base portfolio, apply $X.XX You if NII has that that to rates rates we increasing This share.

macro one investors is chart, tools dive of rates into view up market understand this our to and that inform just like that I conditions. could But think at Looking unique drive I'd the today, NII. base available on to to that Blackstone

Blackstone in alternative position businesses. our for equity, we and gained estate. credit, portfolio insights of have in the liquid world's across across X,XXX Blackstone's our As private Within asset many businesses allows companies largest of private over alone, differentiated manager distinctive Credit and as know, real you and

As debt core technology information sponsors, to management process. access our And we our from to data This investment into we teams, portfolio to are have and use market direct and companies results integrate often real-time and our that decisions. in receive it views originators, market participants.

One differentiated to Survey is share our portfolio Blackstone resource CEO we companies, offer unique from which can want our insights.

these they responding private Blackstone's revenue the quarter. growth near-term growth top slowing most in CEOs year-over-year stay First, economic those the while growth ranked revenue to companies And face, saw CEOs as equity macro of fourth healthy. expect issue

indicated is in decelerating categories; pricing. materials, and CEOs inflation responding that Second, energy, major wages, raw

the environment in to of and confidence for is management willingness teams' in invest growth sign projects the a Lastly, operating efficiency.

a What's maintain despite areas of the productivity. expect services largest overall pressures inflationary also the and supports thematic investment interesting BXSL's being in remain. technology, sure, certain be software, with increase of majority level the selection these improve CEOs industry or slower to that areas. to is their To inflation, This

and it in labor moderate markets for but helped FX pressure, imbalances higher target. cooling with to well the base consistent For considered Fed's some above remains will example, longer. Fed cause think the rates the has wage keep the supply-demand that labor levels markets inflation in We to

performance their simply large-scale job businesses. many be flat This strong, for the company's positive. more muddling the employment economy the has And openings capable economy those in vast majority credit responding than keep particularly before of of Today's generally CEOs or managers levels should were there pandemic. along expect to underwriting

me Before thought. a you Kevin, turning let over and final it with overarching Jon leave to

over bring defense we contrary more we upfront us well. created and benefit cost protect investor scale. would comes market fund to our peers. deliver scrape capital BXSL yet a That the the conditions, runs believe continues structure philosophy would Blackstone's a BDC, don't serve in to at about BCRED, fees operate told including we that of alignment. with with non-traded XX% to we the challenging investors OID because And lower that When lead the for life still that differentiated market our than manager importantly, returns. that something of that's portfolio that so practices, true our alignment We more listed we loan, best attractive the We we and fees amortize could lowering assets of most

our the over that portfolio in who both companies, are affiliated in Recall, believe, of adds but and portfolio advantage have our resources value. operating with our access our internal value or Blackstone management can, to that team the giving watching significant sponsor. Blackstone companies, work synergies by an only Credit. active to economic especially not add Across Blackstone private significant portfolio an but and in our abound, platform, Blackstone's cost of I people and with we ongoing the with scale role when environments them including also teams benefits XXX our team professionals portfolio sponsors, XX companies company initiating This discussions over takes revenue to equity drive uncertain to

the Program. our Through alone, Advantage added enterprise Blackstone For has reduce sponsors. example, million billion in to portfolio by in saving across cost team was more benefit XXXX of able a Blackstone $X cost the alone, the Credit Credit bringing the initiatives Advantage value significant company for than the million almost $XX Blackstone these Credit $XXX platform, the of portfolio, Blackstone team inception since savings to

generated differentiates scale in which have Blackstone across cross in engaged Credit one slowing team its especially meaningfully And In are portfolio, sometimes platform of selling this The economy. across we a end impact benefit our Credit impact and portfolio Blackstone can to is impactful believe companies The entirely Group. in call of addition, the companies to Blackstone and full economy, $XXX we revenue over be another. investor unique Blackstone specialized the immense. million credit what from the the

major a of it expect our time. also be performance to platform over and differentiator We

So, turn it with that, to I about Jon portfolio. to will the over speak

Jon Bock

can't why that private how of I've to briefly Blackstone to team Brad, the start walking capabilities see to through I forward broad strength you, brings chose sure markets. and to Blackstone you. the to looked Thank us immense And BXSL best tell tell credit good the everyone. the the Credit. you scale at join is and all and and Brad you morning, stability I'm drive with portfolio place much And you I very

publicly the management it and BXSL materially is attractive than granted; me. structure this. and returns. how to surprise for of mechanism, I also And industry lower pairs demonstrated power isn't scale, has This to class surprised alluded Brad with you BXSL with world Blackstone average BDC. also has what performance Yet back regularly fee its listed something the shareholder investor team in align unique drive take fee and to may And is look shareholders. performance willingness the ability alignment a leading

Brad to early I actually BDCs before And Chief formed in my I'm in entire and in spent practices. and to Blackstone as Marshall exactly best became sell to operator and on here be that professional thrilled my an Executive. they've join today was segue XXXX, private a the analyst perfect the join career side professional lead stated BDC would When with BXSL I credit that's And done market portfolio. team the my that. opinion, colleagues. a

build alignment more to challenging portfolio that in BXSL more allowed to Remember, shareholder a Blackstone's decision protects on focus capital conditions. defensive shareholder better upfront, market

a So, outline looks what let's defensive portfolio like.

in companies owned over financial support additional start Jump capital secured investments companies. to are who loans, BXSL XX% other first-lien sponsors to to to seniority, firms let's senior access XX% by have equity eight, those slide and are of of with loans or equity private their

not it's an that with average portfolio senior just capital loan in to The value structure. we're equitable, XX.X%. But is the of highly

importantly, focused the More on the size we're right in industries. companies of senior right with

furthermore, Lincoln our $XXX million portfolio EBITDA than EBITDA an And that million average the $XXX less greater more of and of XXXX $XX of size, on million QX. to times through suggests relative of 'XX larger, portfolio more than than have with with companies companies million to recent Focusing that durable $XXX data XQ of in businesses. continue orient grew we two to from EBITDA as companies

key as requirements, services, our believe industry rates of where better we investment Slide in returns time. sectors exposure, on software, strong professional XX% over nine means healthcare, This neighborhoods on account CapEx which in low default focuses companies, portfolio. and drive better such for the focusing lower with investing over

truly of private created is partnership valuable with a University each jump quality Senior we credit and entire quarter. index. to Diving of Chicago and to allows extremely credit index data Lincoln valuation BXSL many Business Booth the a slide leading portfolio managers this investments And markets And know XX, Lincoln as for private in value the loan leading private over which BDC the Lincoln, marketplace. credit the as database. investors Private of provider into the Credit performance Debt Index, further Private Lincoln the review the compare members of they here space, portfolio an down faculty a level drill to International into X,XXX to School several you

$XXX of EBITDA So, is Lincoln comparing average about million in you our can $XX see that of million. average doubled BXSL, the weighted market

our are EBITDA for companies higher. is profitability, on portfolio companies our And margins importantly, double of also XX% growth that EBITDA benchmark. that the have Lincoln portfolio

this Let's interest a varies talk by that widely. coverage, other shared BDC interestingly, calls. it's about earnings on is way gets But Managers the because BDC listed calculated stat widely

cases, of we certain leave sectors other interest investors loans not. private EBITDA excluded. coverage, Managers we or that from and of revenue companies, EBITDA, have averages, cases, do some transparency. types recurring underperforming company When borrowed include both Managers on companies the exclude including In so looking or metrics, these loan, all negative exclude that types are calculate loans a obscure In decisions their we better loans for

most rates Lincoln portfolio the you market interest currently private representative two markets times via database, average coverage of to higher than market. X.X Next, This resilient the XX which when least we average slightly X.X. to is we through proxy of and portfolio, when XX interest that is versus months for levels brings average at credit believe We at December that interest the today, the through X.X interest of compare times which sit portfolio entire Lincoln. the with our rates the difference remains coverage credit run our

on averages, are growth portfolio profitable hear that the We obscured particularly investors basis from Yet the averages about about using we and it's attribute forward of exclusions, higher and rates. this a tails, higher on other also more our more an participants, that larger, coverage ratio our businesses. below interest one-time stability market percent focus to by mainly of less one's

times the database, would that those have private flow an private a X% have coverage stark which coverage interest that I by spot where the for to And very for healthy. in we rates, directly in the translates losses our right, continue one to better we more of focus than through amount, the on believe seek don't performance, really outlook averages that our can companies than risk better direct more reasons, resilient potential our that think markets to credit to And credit lending we story in we And XX roughly remain markets we businesses one see compared fundamentals tails the portfolio believe below its ratio will larger BXSL will And twice we're limit through see If than the with and favorable results. Lincoln tell sectors. portfolio driven higher credit further, tail of positioned December market. not we rates less the difference.

uncapped a the larger collateral built for any its do materially the leveraged that deals. almost Note for majority to release vast investor focusing our deals loan against foundation or we add have market. also backs Blackstone has than package, this protections on shifting out structural of and of protections capital. Blackstone our collateral of assets structural allow and credit of on EBITDA none all conservative culture better leads stripping co-leads, when asset while And prevent

covenant Let's We of portfolio amendments. requests in other turn in XX% or we quarter, activity, regular did quarter. principle were and the of any XX technical those that or work rate to to provide or interest, were have idea the course. received M&A immediate SOFR relief an with need of amendment companies scope to XX% add-on And related the constructively the to in related our companies adjustments. hedging not We

can teams. reduce our confidence we And improve further help expenses, mentioned more source new in believe should field scale times, efficiencies, operational increase from credit portfolio operational to future. apart we large at, be set or them BXSL reflects and face the a that our revenue and rest the channels, of Brad our set clear, they private the dividend our companies challenging have and

to Jump slide XX.

absolute approach we attractive highlight consider to to an distribution, aligned from with in Brad of XX.X%. our $X.XX return XX% approximately to to us pay dividend dividend we a dividend how but mentioned, per rate $X.XX raise environment. to elected allows generates what current As lower also The by NAV share be can want shareholder a level elevated I nearly this at yield even Blackstone

such promised concept generate Many spread fee of vary lend what essentially investors. BDC rate BDC. obligation. structures of higher meet a as the Higher dividend to incentive by all the to on order management assets, you be originate are familiar OID which expect, BDC that fees, And depending at wider asked with higher risk base the base in or characterized must math, over costs you which fees spread to with the widely scrape this, BDCs on BDC loans can a associated they may the that at dividend might answer requires higher

prepayment obligation else BXSL well originate fees incentive December its at At to structure as we set, to estimate today's all and base our XX.X% need rates, equal X% current investment before meet and of SOFR would dividend opportunity fee XXX XX. the plus a at future of follow-back approximately with below

the best base stable BXSL level well say our and with fee NAV a dividend rates meet at low believe as as to to We would aligned does support steady within dividends. were both of be, to leave distribution let's originate plus invest roughly you can fall we I somewhat approach that. And a of strike long-term compelling philosophical and or credit same approach may want shareholder believe a X%, view cycles. that to exactly BXSL's growth policy and Additionally, private across zone need XXX to all return SOFR the math to

And go over over to that, financials. the to Kevin turn it I'll with

Kevin Kresge

results net XX% fourth with In start which per quarter, I'll our million investment the record was XX. operating up income Thanks, on a or slide year-over-year. $X.XX $XXX Jon. share, was

represented X% combined revenues up million from flat with PIK quarter fee dividend were $XX Our last declined income, income. less investment $XX year-over-year, income and or or $XX than quarter-over-quarter and total payment-in-kind million to of XX% million

per were per largely $X.XX from quarter, or by expense. compared million was in to expenses $XX up fee quarter GAAP million share, share last capital the benefits just unrealized gains net year's net Meanwhile, $XX year-ago. in These This a $X.XX fourth NII million quarter. driven $XXX up income interest markdowns unrealized incentive this or $X.XX reversal quarter. despite million a this losses share per of resulted is $X

million] to a balance of yield weighted approximately the [$X.X Next compares turning rate to floating (ph) debt, the additional we the rates between average the slide earnings investments, at of Spread with This sheet to liabilities, rise. ended XX.X%. provides if billion $X.X on total with XX, are potential of assets rate and low outstanding portfolio continue fourth fixed which floating quarter average XX% cost our of growth company mostly of weighted costs rate X.X%. for just

the $XX.XX in $XX.XX, dividends quarter, in a share to of NAV last increased As per strong excess of the result earnings from fourth up quarter.

XX% and weighted as outlines attractive than environment. Next, this at view liability less rate XX rate a X% our average with rate a which slide which profile, of in interest debt, and fixed diverse bonds unsecured advantage drawn includes rising key we

BXSL with significant $X.X provides Additionally, and with the of billion believe this liquidity and debt. us year in ended We cash cushion. flexibility undrawn

with was last Our in ending ratio quarter. debt-to-equity times X.XX line

Importantly, maintained our corporate no ratings. investment grade nonaccrual the with on we assets ended three credit and year

years September of XXXX maturity weighted of a we Additionally, prior have and debt maturities X% maturing few low with four average of overall the an commitments, nearly level over just next years. to

on to program, share shareholders. update which repurchase our accretive been to Moving has an

X% am in one executed approved BDC an time has largest at the $XX.XX, million alignment, well a share as our a continuously lending Board $XXX of marketplace XX XXXX, report discount program. repurchase NAV, repurchases direct discretionary own to at also with monitor weighted team in as that history. IPO. to opportunities BXSL will you average may million And recall, BXSL we in As million of And focus the an shares. shares our share repurchased our in our on program happy instituted keeping price representing of current buyback share additional $XXX I management And shareholder the investment the in

closing, we dividend continue floating In our XX% is rate higher. investments as BXSL generate believe rates reset excess in our to earnings on very to well-positioned of

XX rate more entire share at for is potential the Fed mentioned, positive point XX higher here remain defensive Brad total upside fourth $X.XX about NII average the from being was, hike, our estimate of equal. for have there best-in-class levels potential our the additional with potential the the offset portfolio result As or $X.XX And outlook monitoring rate December stress, given per been else We quarter if capital in a and origination teams, in rising the given designed to we protect base would increases quarter, basis future. and all hypothetically, of earnings strong, times rates. portfolio the our as recent

And Thank ask the up with it questions. you. that, to I'll for operator open

Operator

coming Thank Fargo. go first you. [Operator O'Shea, Please And Instructions] the the question ahead. Wells line from of is Finian

Finian O'Shea

Good you're Appreciate ratios the are coverage the today seeing portfolio. interest Hi, coverage on and color market What morning. the the there deals? for new interest everyone. in the

Brad Marshall

with where structures being leverage and bit differently, portfolio given a less Thanks, said are rates is. the existing are capital Finn. set up Interest line coverage environment. today with the is this spreads where in in Or little

little to times that we're base coverage, the stepping around rates low-to-mid a a at fives. deals are down extent So, the get bit two lot looking into of that

Finian O'Shea

much. so Thanks helpful. that's Okay,

Operator

is question Please from the proceed. Casey coming line the Alexander, Compass of And next Point.

Casey Alexander

Hi, good morning.

two to all, We're Bock I him there. happy questions. have First welcome see team. management Blackstone Mr. to to the of

dividend close required the the and all, of earnings the RIC power dividend. is, even doesn't your come where I the satisfying Based your currently around to First dividend distributions. upon thoughts base for requirements appreciate around base

you they above your do and have additional requirement So, that think the have to and that distribution? formula the a you RIC do to you're how income do -- above you Some would that income dividend? use. about over plan expect over BDCs formalized process about current guys and thinking you a managing offered handling extra base distributing that for the earn base How

Jon Bock

Thanks, Casey. This is Bock.

our long-term drives value. really focus what on I'll So, start we believe with truly

view generally those dividends types those our so And institute NAV of are and the and that BDCs is, level base of growth the growing best valuations. associated, generate as have steady BDCs that stable a

to earnings a we'll there dividend, level earnings special expect with we we deal and see grows enters you NAV, level of raised extent approach of to a level clearly, dividend of a to excess. the spillover that So, be that start could result, going is And market a it, to while as grow But required as have value going we that's number given excess more and to That inside be it. drive to return. to opportunity that we long-term of of easily the there as compounding of can and you cost as it and start find to tax X%. manage along excise NAV come those see is relates time, you with small grow the payouts a the over BXSL to

Casey Alexander

the second that average and companies fundamentals to excess deal well lending are are sizes in marketplace. fit that also appreciate My the types of is, you have right. information the the the XX, you that size on All that gave in of slide

in pockets size entire you terms some co-investment contour So, more enough characteristics? would privileges, comes to deep of able think those Blackstone of absorb given to on you managing How with do deals those those deal of partners the have co-investment privileges types or that that be does have deals?

Brad Marshall

I'll Brad. that. it's Casey, Yes, take

we're So, or sole look lender. deals at do, if you we the our the of about that portfolio, XX% lead private

I bring above it think requires to $X gets a once us partners. deal billion in

ROE alongside you exceed alongside managers is the are Jon certain the fee just that deals, deals, through. If BXSL invest to a types those of to size, we fee which our be for in structure others, why deals, partly of those so are those structure is is large in best other going attractive, So, for coming to us right? investors went as of co-investing because

Casey Alexander

more the I taking in have later. my my queue, jump for I'll hop and questions, great. I'll All back you in right, that's back Thank if two.

Brad Marshall

Casey. Thanks,

Operator

of following from question line James. ahead. Raymond is coming Dodd, go Robert the Please the And

Robert Dodd

looked to slide December mean, about X% Jon. talked welcome, On slide the times December is portfolio have I -- Hi, you'd under you and say, data which proportion the peak be under your guys, peak going portion at would are interest one rates you maybe the points XX, rates, what, indeed the X Jon, your spot XXX at intra that than on higher though. versus of length proportion December? at coverage. the Have the or basis even of

Jon Bock

Yes.

start say So, look X%, notice you'll that if you forward, close. ratio that let's to still stays very very,

Blackstone, given move For you see we stability a for of then over you'll if level market, And where our focused. start that in XX%. portfolio tail see the forward, you to increase

XX-XX, But that's an will Robert. and on to will manage where what Our tails because, that's see believe of rates item it sits is we to where it, important arbitrarily. what adjust truly, factually you really there, to focus And and who we be then trend. you how of knows view give the in what's is it goal as because to continue a

Brad Marshall

that, add to because rate run just interest different we maybe clearly through our Rob, to environments all portfolio. the

close. run with to teams I one portfolio we through to does it game the Because the we the think a before, be the but of is industry. have extent it sponsor that the what a what they're going do; largest models. to big mentioned conversation out this I plan of management our figure part this And in creates is we

would outperforming peak LTM look one coverage that look if an you'll the is step into remember, rates, the they're -- and basis, forward on into look rest at at and the actually the times, find than less of we portfolio. what companies you If that

rate than be quality or they that about approach So, because companies those to we on the good momentum of performance. basis feel of have a higher times one forward-looking in would less the environment

Robert Dodd

shrinking It I times appreciate combination business right? that, the really to is just but Which like is factors, the to that that's broken follow-up that. point, coverage interest one that has or to EBITDA the is like -- X of under a doesn't lender and doesn't exactly be i.e., your related something or question. [indiscernible],

XX%, So, growth, if slide in XX XX, I X%, middle, look credit the at at EBITDA LTM at roughly so market again. you're

portfolio, expense, you tail, the or it's than So a problem the other where that going to or in are of EBITDA of can for EBITDA because other for the metrics? right, negative -- percent what more us come breakout that's portfolio the those of has any some for the growth the the interest example, is way from tail having problems

Jon Bock

differently, the rates Robert, or the don't companies to portfolio maybe performing interest closed below especially through environment to asked -- coverage of companies. interest have given cause XX% So question, a your rate in that But higher answer been alone or interest well, will BXSL's expectations. companies default. vintage Good manage quite of companies about are on line

Robert Dodd

appreciate it, I Got you. Thank that.

Operator

next coming the question [Operator Instructions] of And Please the from is line Ryan Lynch, KBW. go ahead.

Ryan Lynch

Good morning, Blackstone. and welcome, to Jon,

the Really coverage, as that you gave does rates? do proactively some companies the assuming But well discussion. had, what occur, prepared details on it whole kind I which coverage guys your think the those in not one appreciate remarks companies? are easiest stress portfolio, the falling that's hear, sponsor those remedies is I just you are interest to that just sounds high through that would the can all some better the of occur, make to the and most allow details into capital peers. can up transition kind as slides. of inject to ease like what you interest interest the the some I the that of love of that if to pretty The first significantly But X% that to think trying would equity assume following does of question in private do when about helpful, be below to business. I more you of of get this remedies period of X% would than just your

Jon Bock

Ryan. thanks, Yes,

one, that of EBITDA companies, half those are have by companies things, So, of a the X%, couple negative design.

So, mind. that reoccurring portfolio, structures were loans, a their up small portion so set of our revenue capital in these it's kind with but of

couple models we to one, costs flow cause equity, typically, a their we we suggested. order One, rates these them said, With conversations cut the what you will things. interest they inject they when run companies. when their is won't interest as say good I rest what portfolio improve and reply our there's of support in they the company a show cash with sponsors, as coverage is, debt. Two, And and companies, we have the can service to default, they so their think can

sure And as some year as your covenants can revolvers evolves. cash any can they most kind I'm misses maybe it fund as long then flow. you'll interest of is which this mechanism rate, you the their of have in slight more companies fourth use you industry to the across satisfies pick Third, have see of

would even areas. all conversations those all companies our be with these primary had portfolio these the companies within get four that Again, we've So, close.

And what given supportive like to incredibly does earlier, is rates, if you're issues which company so transitory I a cause default. far, the a sponsors said inflation company good seem like not

Ryan Lynch

was, the range question I I was guys' sense. may and got XXX. you thought wrong be around that had Yes, just makes in I it, but other then this, leverage And targeted

Did XXXs where or XXX-ish? above quarters. materially to you reduce change So, run in -- point want a ever running, down guys guys the closer where but been you several not there that the guys to you XXX expect that, guys have to a is you last

Brad Marshall

we million actually invested stock, in another about $XXX remember million. back and bought of the Ryan, quarter, we So, $XX

in which said roughly, two And So, took above things in control, times million we coming, X.XX if fourth we of remember leverage we last those million, saw target. pay-downs $XXX I our call, the quarter. had $XXX about alone, entirely

paydowns. quarters line of to additional another over the have couple we next sight So, of

So, our we take our -- kind [technical informing, that's pace, investment and difficulty] of buyback,

Ryan Lynch

Okay.

it change. know, I Just just bit and opportunities, to mean makes -- I all kind good sense, you make sight that I the your a when sure line That's to that want little time. can me. wanted appreciate repurchases, from long-term of moving there's around of share and

Brad Marshall

All right. Thanks, Ryan.

Operator

hand call closing to And now over I would Michael for like remarks. the to

Michael Needham

Great. for Thanks everyone joining.

next should quarter. have them. we any to team is will for follow-up you available Our you Otherwise speak again

Blackstone Secured Lending Fund (BXSL) 27 Feb 232022 Q4 Earnings call transcript