Blackstone Secured Lending Fund Cuts Quarterly Dividend to $0.77
Blackstone Secured Lending Fund (NYSE: BXSL), a specialty finance company investing in private U.S. company debt, declared a first quarter 2026 dividend of $0.77 per share, down from the prior quarter's $0.80.
Blackstone Secured Lending Fund (NYSE: BXSL), a specialty finance company investing primarily in the debt of private U.S. companies, declared a first quarter 2026 dividend of $0.77 per share on February 25, 2026. The dividend represents a $0.03 reduction from the previous quarterly payout of $0.80 per share. Read more dividend announcements.
The dividend will be paid on April 24, 2026 to shareholders of record as of March 31, 2026. The Board of Trustees approved the distribution following the company's fourth quarter 2025 results announcement.
| Dividend Details | Information |
|---|---|
| Amount per Share | $0.77 |
| Record Date | March 31, 2026 |
| Payment Date | April 24, 2026 |
| Frequency | Quarterly |
| Previous Amount | $0.80 |
Fourth Quarter Performance
The company reported net investment income of $0.80 per share for the fourth quarter of 2025, fully covering the dividend declared that quarter. Total investment income reached $358 million for the three months ended December 31, 2025, driven by $327 million in interest income and $30 million in payment-in-kind interest income.
Net investment income after tax expense totaled $186 million for the quarter. However, the company recorded net realized and unrealized losses of $60 million, including $62 million in net unrealized depreciation partially offset by $3 million in realized gains.
New investment activity exceeded $1 billion during the quarter, marking the second consecutive quarter above that threshold. Operating expenses totaled $168 million, including $102 million in interest expense and $36 million in management fees.
Portfolio Position
As of December 31, 2025, BXSL's fair value of investments stood at approximately $14.2 billion. The portfolio consists primarily of first-lien senior secured debt and reported weighted average EBITDA growth of 8% across borrowers.
Net asset value per share declined to $26.92 as of December 31, 2025, down from $27.15 at September 30, 2025. The decrease reflected the $0.77 dividend payment, $0.26 in net realized and unrealized losses per share, partially offset by $0.80 in net investment income per share.
Capital Structure and Liquidity
The company maintained $2.5 billion in available liquidity and $10.5 billion in total committed debt as of quarter end. Total all-in cost of debt was 4.93%, with a weighted average maturity of 3.1 years. Approximately 76% of assets were funded by unsecured debt and equity.
BXSL holds investment grade corporate credit ratings of Baa2/stable from Moody's, BBB-/positive from S&P, and BBB/stable from Fitch. The company is externally managed by Blackstone Private Credit Strategies LLC, an affiliate of Blackstone Inc., which had $1.3 trillion of assets under management as of December 31, 2025.
Share Repurchase Authorization
The Board of Trustees approved a discretionary share repurchase plan authorizing the company to repurchase up to $250 million in aggregate of its outstanding common shares in the open market at prices below net asset value per share.