BXSL

Blackstone Secured Lending

Blackstone · Q4 2025 (3 months ago)

SEC EDGAR ↗

$25.1BPortfolio FV

1122Positions(1030 debt, 92 equity)

99.1¢Avg Mark

157Stressed

Portfolio Quality

Portfolio Healthⓘ

A99/ 100

Non-accrual: 3.4%

Technical NA: 3.2%

Stressed: 6.1%

Avg mark: 99.1¢

Grade: A (90+) · B (80-89) · C (70-79) · D (60-69) · F (<60)|Factors: distressed non-accruals (mark <95%), stressed positions, avg mark, first lien %

Data Quality

100%

Fair Value

100%

Spread

100%

Lien

100%

Mark

100%

Avg Spread

537bps

Fair-value weighted

Avg Mark

99.1¢

63 stressed (<90¢)

First Lien

100%

Senior secured positions

PIK Income

12%

Deferred interest yield

Non-Accrual

3.4%

0.3% distressed, 3.2% technical

Portfolio Mix

1030debt

92 equity positions

Key Financials

NAV / Share

26.92$

↓

Net Asset Value per share

Dividend Coverage

1.09x

Tight coverage

NII per share ÷ Dividend per share

Leverage

1.23x

High leverage

Debt ÷ Equity

Total Assets

14.7B

Total portfolio value

NII / Share

0.84$

Annual

Net Investment Income per share

Dividend / Share

0.77$

Quarterly

Most recent quarterly dividend

Est. Div Yield

11.4%

Annualized

Estimated annual dividend yield

Total Debt

8.1B

Total debt outstanding

Equity

6.6B

Total assets - Total debt

Historical Trends

NAV Per Share — 8 Quarters

+0.2% over period

NAVAnnualized Div

NII vs Dividend Coverage

NII/shareCoverage

Portfolio Composition

Investment Type

1122positions

First Lien1027

Equity92

Debt3

Rate Type

SOFR854

Fixed102

Euribor82

SONIA46

+6 more

Maturity Profile

Avg: 3.1 years

1028 debt positions with maturity data

Top Sectors

Top Borrowers by FV

Include equity

Excluding 92 equity/SPV positions

Fair Value Mark Distribution

3.0% stressed(<80¢, $758M)30.1% watchlist(80–95¢, $7485M)66.9% healthy(≥95¢, $16655M)

Weighted median mark: 100.5¢

Fair value mark — cents on dollar (debt positions only, weighted by fair value)

Schedule of Investments1122 positions

PIK onlyStressed only

PIK = Payment-in-Kind (deferred interest)NA = Non-accrual (not collecting interest)⚠ = Stressed (mark <90¢)

Company	#	Sector	Total FV ▼	Avg Mark	Status(PIK● NA● ⚠)
▶Snoopy Bidco, Inc.	2	Health Care	$671.7M	96.8¢	PIK: 1
▶Medallia, Inc.	4	Information Technology	$666.4M	87.2¢	PIK: 2⚠ 2
▶JSS Holdings, Inc.	6	Industrials	$645.2M	100.8¢	PIK: 6
▶Guidehouse, Inc.	2	Industrials	$625.4M	100.6¢	PIK: 1
▶Cambium Learning Group, Inc.	2	Consumer Discretionary	$561.6M	99.1¢
▶Bazaarvoice, Inc.	2	Industrials	$485.7M	100.0¢
▶Navigator Acquiror, Inc.	2	Health Care	$440.4M	85.8¢	PIK: 1⚠ 2
▶CustomInk, LLC	4	Consumer Discretionary	$353.5M	100.2¢
▶Qualus Power Services Corp.	7	Utilities	$322.7M	101.3¢
▶Genuine Cable Group, LLC	2	Industrials	$318.8M	96.7¢
▶Identity Digital, Inc.	1	Consumer Discretionary	$315.9M	100.9¢
▶Inovalon Holdings, Inc.	3	Information Technology	$305.5M	101.2¢	PIK: 1
▶Stamps.com, Inc.	2	Information Technology	$277.4M	99.3¢
▶Auctane, Inc.	2	Information Technology	$277.3M	99.3¢
▶CFS Brands, LLC	2	Industrials	$261.1M	101.5¢
▶SG Acquisition, Inc.	2	Financials	$258.9M	100.8¢
▶Redwood Services Group, LLC	4	Information Technology	$253.5M	101.1¢
▶Jayhawk Buyer, LLC	2	Health Care	$243.6M	97.0¢
▶ACI Group Holdings, Inc.	4	Health Care	$240.0M	89.1¢	PIK: 2⚠ 3
▶Edifecs, Inc.	2	Health Care	$232.5M	100.7¢

Page 1 of 24 (462 companies, 1122 positions)

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