Blackstone Secured Lending's second quarter Net Investment Income of $0.75/share beat estimates while non-accruals improved significantly.

Blackstone Secured Lending Fund reported second quarter 2026 Net Investment Income (NII) of $0.75 per share, covering 97% of its $0.77 per share dividend. Total investment income was $320 million, while net income fell to $0.04 per share due to unrealized investment losses, leading to a decline in Net Asset Value (NAV) per share to $25.53.

Key Highlights

• Net Investment Income per share of $0.75 beat analyst expectations of $0.67, driven by stable portfolio performance.
• Non-accrual investments improved materially, falling to 1.8% of the portfolio at fair value, with the company reporting no new assets were placed on non-accrual status during the quarter.
• Net Asset Value (NAV) per share decreased to $25.53 from $26.26 in the prior quarter, primarily due to $137 million in net unrealized depreciation on investments.
• The company saw net repayments of $442 million as investment fundings of $312 million were outpaced by $754 million in sales and repayments.