Lending reports

Blackstone Secured Lending Reports Net Investment Income Per Share of $0.63 and Net Asset Value per Share of $26.15 for the Third Quarter of 2021

NEW YORK, November 12, 2021–(BUSINESS WIRE)–Blackstone Secured Lending (NYSE: BXSL; “BXSL” or the “Company”) today announced its financial results for the third quarter ended September 30, 2021, with net investment income at the top of its range. previously estimated range.

“We are proud to report strong financial results in the third quarter, including an increase in net investment income and net asset value. This follows BXSL’s initial public offering, which represented BDC’s largest IPO in fifteen years and the largest ever raise in a BDC offering,” said Brad Marshall, CEO of BXSL. “Our high-quality portfolio, concentrated in senior secured loans with no unrecognized loans, and active deployment during the quarter underscore the benefits of our scale, expertise and market position. We look forward to continue to deliver for our investors as a public company.

Third Quarter 2021 Highlights

For the three months ended September 30, 2021, BXSL generated net investment income of $0.63 per share, up from $0.53 per share in the prior quarter and at the upper end of the previously estimated range. from $0.61 to $0.63 of the Company. Net investment income, excluding capital gains incentive commissions, was $0.65 for the third quarter.

Net asset value per share increased to $26.15 at the end of the quarter from $25.92 at the end of the previous quarter, representing an increase of 0.9%, a quarterly total return of 2.8% and an annualized total return since inception of 10.0%.

BXSL paid a regular dividend in the third quarter of 2021 of $0.50 per share, which will increase to $0.53 per share beginning in the fourth quarter of 2021. The Company also intends to pay special dividends in 2022 for a total amount of $0.65 per share. All future distributions will be subject to funds legally available therefor, and the Company cannot guarantee that it will be able to declare such distributions in future periods.

More information, including financial statements, can be found in the company’s 10-Q report, which was filed this morning.

Portfolio and investment activity

For the three months ended September 30, 2021, new investment commitments totaled $2.4 billion, at par, and the fair value of BXSL’s investments increased to $8.2 billion at the end of the quarter. , from $7.4 billion as of June 30, 2021. BXSL’s debt-to-equity ratio increased to 1.09x at the end of the quarter, from 1.01x as of June 30, 2021, as the portfolio became more fully deployed.

Bond issues

During the third quarter of 2021, BXSL issued two debentures, a $650 million bond maturing in 2028 with an interest rate of 2.85% and a $650 million bond maturing in 2027 with an interest rate of 2.125%. As of September 30, 2021, 71% of all funded debt represents unsecured borrowings.

Non-GAAP Financial Measures

BXSL discloses net investment income here excluding capital gains incentive fees. Net investment income excluding capital gains incentive commissions is a financial measure that is calculated and presented using methodologies other than those in accordance with United States generally accepted accounting principles (“GAAP”).

Management believes that net investment income excluding capital gains incentive fees provides important information to consider in addition to net income determined in accordance with GAAP. This adjusted measure helps management assess performance by excluding the effects of certain accruals and GAAP adjustments that the Company believes are not necessarily indicative of operations. Management believes that net investment income excluding capital gains incentive fees is a useful financial measure for current and potential future holders of the Company’s shares because the impact of capital gains incentive fees is not crystallized is not included in taxable income. The presentation of net investment income excluding capital gains incentive commissions is not intended to be a substitute for financial results prepared in accordance with GAAP, should not be considered in isolation, and may not be comparable to measures published by other companies.

About the Blackstone Secured Loan Fund

Blackstone Secured Lending Fund (BXSL) is a specialty finance company that invests primarily in US private corporate debt. As of September 30, 2021, the fair value of BXSL’s investments was approximately $8.2 billion. BXSL has elected to be regulated as a business development company under the Investment Companies Act 1940, as amended. BXSL is managed externally by Blackstone Credit BDC Advisors LLC, an SEC registered investment adviser which is a subsidiary of Blackstone Inc. (formerly The Blackstone Group Inc.). Blackstone Inc., together with its subsidiaries, is one of the world’s leading investment companies with approximately $731 billion in assets under management as of September 30, 2021.

Forward-looking statements

Statements included herein may constitute “forward-looking statements” that relate to future events or the future performance or financial condition of BXSL. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties, including the impact of the COVID-19 pandemic and related changes in interest rates of basis and significant market volatility on the businesses of BXSL, BXSL’s portfolio companies, the industry and the global economy. Actual results and conditions may differ materially from those in the forward-looking statements due to a number of factors, including those described from time to time in BXSL’s filings with the Securities and Exchange Commission. BXSL assumes no obligation to update any forward-looking statements made herein.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211112005424/en/


Michael Needham
[email protected]
+1 888-756-8443

Kate Holderness
[email protected]
+1 917-318-6818

Mariel Seidman-Gati
Marie[email protected]
+1 917-698-1674