Blackstone Secured Lending Fund Reports $0.80 Q4 Income, $1B in New Funding
Blackstone Secured Lending Fund posted $0.80 per share net investment income in Q4 2025, generating an 11.8% annualized ROE and covering its $0.77 dividend by 104%. For full 2025, the fund achieved a 9.6% net return vs. leveraged loan market’s 6.0%, with $1 billion deployed in new loans.
1. Q4 and Full-Year 2025 Performance
In Q4 2025, Blackstone Secured Lending Fund delivered $0.80 per share in net investment income, producing an 11.8% annualized return on equity and covering its $0.77 dividend by 104%. Over the full year, the fund generated a 9.6% net return, outperforming the leveraged loan market by 360 basis points.
2. Portfolio Quality and NAV Movement
The portfolio remains weighted toward high-quality, first-lien loans, with non-accruals at just 0.5% of fair market value. EBITDA for portfolio companies grew by 9% year-over-year, interest coverage exceeded 2x, and Net Asset Value per share edged down to $26.92 due to unrealized markdowns.
3. Capital Deployment and Liquidity Outlook
The fund originated $1 billion of new investments across 13 first-lien credits and 15 add-ons, focusing on life sciences and AI infrastructure verticals. It enters 2026 with a strong balance sheet and $2.5 billion in available liquidity to support further growth.