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Blackstone Blackstone Secured Lending Fund Reports Second Quarter 2026 Results NEW YORK - August 6 , 2026 - Blackstone Secured Lending Fund ( NYSE : BXSL or the " Company " ) today reported its second quarter 2026 results . Brad Marshall , Chief Executive Officer of Blackstone Secured Lending Fund , said , " BXSL reported healthy second - quarter earnings with no new assets placed on non - accrual . During the quarter , new investment activity exceeded $ 300 million , while repayments increased to over $ 700 million . Our portfolio , which is primarily composed of first - lien senior secured debt , remains well positioned , underpinned by stable EBITDA growth across our borrowers . We maintained a disciplined approach to deployment , leveraging the advantages of Blackstone's scale , sourcing capabilities , and asset management expertise for the benefit of our shareholders . " Blackstone Secured Lending Fund issued a full detailed presentation of its second quarter 2026 results , which can be viewed at www.bxsl.com . Dividend Declaration The Company's Board of Trustees has declared a third quarter 2026 dividend of $ 0.77 per share to shareholders of record as of September 30 , 2026 , payable on or about October 23 , 2026 . Quarterly Investor Call Details Blackstone Secured Lending Fund will host its conference call today at 9:30 a.m. ET to discuss results . To register for the webcast , please use the following link : https://event.webcasts.com/starthere.jsp?ei=1767729&tp_key=6d012692ae Blackstone Secured Lending Fund 345 Park Avenue New York , NY 10154 T 212 583 5000
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For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of BXSL’s website at https://ir.bxsl.com. About Blackstone Secured Lending Fund Blackstone Secured Lending Fund (NYSE: BXSL) is a specialty finance company that invests primarily in the debt of private U.S. companies. As of June 30, 2026, BXSL’s fair value of investments was approximately $13.4 billion. BXSL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. BXSL is externally managed by Blackstone Private Credit Strategies LLC, an SEC-registered investment adviser that is an affiliate of Blackstone Inc. Blackstone Inc., together with its subsidiaries, is t he world’s largest alternative investment firm with over $1.3 trillion of assets under management as of June 30, 2026. Forward-Looking Statements and Other Matters Certain information contained in this communication constitute s “forward-looking statements.” These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “can,” “could,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible,” “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include BXSL’s financial estimates and their underlying assumptions, statements about plans, statements regarding pending transactions, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward‐looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual ou tcomes or results to differ materially from those indicated in such statements. BXSL believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its prospectus and annual report for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Com mission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BXSL’s prospectus and other filings). The forward-looking statements speak only as of the date of this report. Except as otherwise required by federal securities laws, BXSL undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Contacts Fund and Portfolio Inquiries Justin Farshidi Justin.Farshidi@blackstone.com +1 646 482-3823 Media Thomas Clements Thomas.Clements@blackstone.com +1 646-482-6088 Investors Stacy Wang, Head of Stakeholder Relations Blackstoneshareholderrelations@blackstone.com
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Blackstone Secured Lending Fund Second Quarter 2026 Results AUGUST 6, 2026 This presentation should be read in conjunction with BXSL’s latest quarterly report filed on Form 10-Q for the period ended June 30, 2026. Numbers are approximate and may not add up due to rounding.
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4 HIGHLIGHTS Note: All figures in this prese ntation are as of June 30, 2026, unless oth erwise stated. Per share data is calculated based on weighted average shares o utstanding during the period, unless otherwise noted. Dividends declared were derived by using the actual shares outstanding at the date of the relevant transacti ons. Opinions expressed reflect the current opinions of BXSL as of the date appearing in the materials only and are based on BXSL’s opinions of the current market environment, which is subject to change. Past performance does not predict future returns and there can be no assurance that BXSL will achieve the same results in future quarters. There can be no assurances that any of the trends described throughout the materials w ill continue or will not reverse. (1) Based on the fair market value of the portfolio as of June 30, 2026. Debt investments, excluding non-accrual debt investments, are 99.3% floating r ate. Total debt investments represent 98.8% of total investments based on the fair market value of the portfolio as of June 30, 2026. (2) Annualized net investment income (“NII”) return is calculated as the 2Q '26 annualized net investment income per share divided by net asset value ( “NAV”) per share at the beginning of the period. (3) 2Q'26 Dividend yield is calculated as the 2Q'26 dividend ($0.77) annualized and divided by the ending NAV per share on June 30, 2026 ($25.53). (4) 2Q'26 Dividend coverage is calculated as 2Q'26 net investment income per share ($0.75) divided by 2Q'26 regular dividend per share ($0.77). (5) Average loan-to-value represents the net ratio of loan-to-value for eac h portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio comp any as of the most recently available informatio n. (6) Includes all private debt investments for which fair value is determined by the Board of Trustees in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted on fair market value of each respective investment. Amounts were derived from the most recently availa ble portfolio company financial stat ements, have not been independently verified by BXSL, and may reflect a normalized or adjusted amount. Accordingly, BXSL makes no representation or warranty in respect of this information. Pri vate debt investments represent 99% of the total debt portfolio based on f air value. (7) Based on non-accrual debt investments as a perc entage the fair market value of to tal investments. Based on amortiz ed cost, investments on non-acc rual represent 3.6% of total investments. BXSL continues to be designed to provide steady earnings while mitigating risk across different market environments with a 96.3%(1) floating rate debt portfolio focused on senior secured debt investments Portfolio has remained well positioned with healthy underlying credit fundamentals and 1.8% of investments on non-accrual (at fair market value)(7) Consistent, disciplined focus on low-leverage loans to strong sponsors Earnings Highlights Quarterly Dividend Capital Protection 11.4% 2Q'26 annualized NII return(2) $0.75 2Q'26 NII per share 93.2% Income excluding PIK, fees, and dividends 12.1% 2Q'26 dividend yield based on NAV(3) $0.77 2Q'26 dividend declared 97% 2Q'26 dividend coverage(4) 96.8% First lien, senior secured debt(1) 51.9% Average loan-to-value(5)(6) 1.8% Non-accrual debt investments(7) BXSL’s asset-liability structure is efficient Consistent regular dividend supported by solid earnings power Senior secured positions further insulated by strong sponsor relationships
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5 Portfolio and Investment Activity Weighted average yield on performing debt investments at fair value of 9.4% at quarter-end, compared to 9.3% at prior quarter-end(3) New investment commitments in the quarter of $0.2 billion at par, $0.3 billion funded Proceeds from sales and repayments of $0.8 billion in the quarter Earnings Summary Net investment income of $174 million, or $0.75 per share in the quarter, compared to $0.77 per share in the prior quarter and $0.77 per share in 2Q 2025 Net income of $9 million, or $0.04 per share in the quarter, compared to $0.11 per share in the prior quarter and $0.68 per share in 2Q 2025 Regular dividend of $0.77 per share, representing a dividend yield of 12.1%(1) Net asset value of approximately $5.9 billion, or $25.53 per share at quarter-end Total return of 10.6% annualized inception to date and 0.4% for the quarter(2) (1) 2Q'26 dividend yield is calculated as the 2Q'26 dividend ($0.77) annu alized and divided by the ending NAV per share on June 30, 2026 ($25.53). (2) Total return is calculated as the change in NAV per share during the period, plus dividends per share (assuming dividends and distributions are rei nvested in accordance with the Company's dividend reinvestment plan), divided by the beginning NAV per share. (3) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as appl icable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value) included in such securities. Actual yields e arned over the life of each investment c ould differ materially from the yieldsp r e s e n t e d . (4) Available liquidity is comprised of cash and cash equivalents, excluding restricted cash, plus the amount available to borrow across all revolvi ng credit facilities, net of limitations related to each respective credit facility’s borrowing base. As of June 30, 2026, $2.8 billion of capacity is undrawn and $2.6 billion is available to borrow. (5) Average debt-to-equity leverage ratio has b een calculated using the average daily borrowings during the quarter divided by average net assets. E nding debt-to-equity ratio represents the ratio of total principal of outstanding debt to net assets. Debt-to-equity, net of cash, has been calculated as the principal of outstanding debt less unrestricted cash to net assets. (6) Certain notes are classified for the purposes of this disclosure as flo ating rate as a result of the Company entering into interest rate swaps to eff ectively swap fixed notes payments for floating rate payments. (7) Total all-in cost of debt is calculated by annualizing interest expense (includes unused fees, amortization of debt issuance costs (including pr emiums and discounts), the impact of the application of hedge accounting, and amortization of deferred financing costs on revolving credit facilities) divided by weighted average outstanding debt for the quarter. Weighted av erage interest rate (includes unused fees, amortization of debt issuance costs (including premiums and discounts) and the impact of the a pplication of hedge accounting) w as 4.95% during the quarter. SECOND QUARTER RESULTS Liquidity Update $2.8 billion of liquidity in unrestricted cash and undrawn debt (subject to borrowing base capacity)(4) 1.28x debt-to-equity (net of cash 1.25x) at quarter-end and average debt-to-equity of 1.30x(5) 26% fixed rate, unsecured debt with a weighted average coupon of 2.58%(6) Total all-in cost of debt of 5.05%(7) in 2Q 2026 and a weighted average maturity on debt facilities of approximately 3.3 years
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6 (1) Annualized net investment income return is calculated as the net investment income per share divided by NAV per share at the beginning of the period . (2) Total return is calculated as the change in NAV per share during the period, plus dividends per share (assuming dividends and distributions are rei nvested in accordance with the Company’s dividend reinvestment plan), divided by the beginning NAV per share. (3) Carrying value of total debt outstanding is shown net of unamortized debt issuance costs and adjusted for the impact of hedge accounting. Average d ebt-to-equity leverage ratio has been calculated using the average daily borrowings during the quarter divided by average net assets. Ending debt-to- equity ratio represents the ratio of total principal of outstanding deb t to net assets. (4) Computed as (a) the annual stated interest rate or yield plus the annual ac cretion of discounts or less the annual amortization of premiums, as appl icable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value) included in such securities. Actual yields e arned over the life of each investment c ould differ materially from the yieldsp r e s e n t e d . SECOND QUARTER 2026 SELECT ED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) 2Q'25 2Q'26 2Q'25 LTM 2Q'26 LTM Operating results Net investment income 176$ 174 $ 733 $ 728 $ Net income 155 9 619 293 Net investment income per share 0.77 0.75 3.35 3.14 Net income per share 0.68 0.04 2.84 1.27 Regular dividends per share 0.77 0.77 3.08 3.08 Annualized net investment income return(1) 11.2% 11.4% 12.3% 11.5% Total return based on NAV(2) 2.3% 0.4% 11.3% 5.5% Portfolio activity New investment commitments, at par 631$ 154 $ 3,734 $ 2,654 $ New investment fundings 530 312 3,553 2,686 Investments sold and repaid (185) (754) (1,675) (2,270) 6/30/2025 6/30/2026 Balance sheet Investments at fair value 13,253$ 13,364 $ Total debt outstanding, carrying value(3) 7,091 7,536 Total debt outstanding, principal 7,108 7,614 Net asset value 6,288 5,939 Net asset value per share 27.33 25.53 Ending debt-to-equity(3) 1.13x 1.28x Average debt-to-equity(3) 1.13x 1.30x % First lien 98.2% 96.8% Weighted average yield on performing debt and income producing investments, at fair value(4) 10.2% 9.4% Number of portfolio companies 295 313
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First Lien Debt 96.8% Second Lien Debt 1.9% Unsecured Debt 0.1% Equity 1.2% 46.9% 51.9% 2Q'25 2Q'26 Loan-to-Value(2) $219 $221 2Q'25 2Q'26 LTM EBITDA(6) $848 $866 2Q'25 2Q'26 Revenue(5) PORTFOLIO CHARACTERISTICS Portfolio Predominantly First Lien Debt(1) $13.4B investments at fair value 313 portfolio companies 1.8% non-accrual debt investments(4) 96.3% of investments are floating rate debt(1) 96.8% of investments are first lien, senior secured debt(1) 51.9% average loan-to-value (LTV) (2)(3) (1) Based on the fair market value of the portfolio as of June 30, 2026. Debt in vestments, excluding non-accrual debt investments, are 99.3% floating r ate and debt investments represent 98.8% of total investments based on the fair market value of the portfolio as of June 30, 2026. (2) Average loan-to-value represents the net rati o of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio comp any as of the most recently available informatio n. (3) Includes all private debt investments for which fair value is determined by the Board of Trustees in conjunction with a third-party valuation firm a n de x c l u d e sq u o t e da s s e t s .A m o u n t sa r ew e i g h t e do nf a i rm a r k e tv a l u eo fe a c h respective investment. Amounts were derived from the most recently availa ble portfolio company financial statements, have not been independently verified by BXSL, and may reflect a normalized or adjusted amount. Accordingly, BXSL makes no representation or warranty in respect of this in formation. Private debt investments r epresent 99% of the total debt portf olio based on fair value. (4) Based on non-accrual debt investments as a perc entage the fair market value of to tal investments. Based on amortiz ed cost, investments on non-acc rual represent 3.6% of total investments. (5) Revenue data excludes private debt instruments where revenue data was not provided to BXSL. (6) EBITDA is a non-GAAP financial measure. For a particular portfolio comp any, LTM EBITDA is generally defined as net income before net interest expe nse, income tax expense, depreciation and amortization over the last twelve months (“LTM”). Portfolio Company Weighted Average Statistics(3) ($ in millions, unless otherwise noted) 7
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8 PORTFOLIO CONSTRUCTION Broad industry representation with largest exposures in software, health care providers & services, professional services and insurance Diversified portfolio across issuers with no single issuer accounting for more than 3% of the portfolio Top Ten Portfolio Companies(1)(2) (as of June 30, 2026) Top Ten Industries(1)(3) (as of June 30, 2026) (1) Based on the fair market value of the portfolio. (2) 313 portfolio companies. (3) 39 individual industries. 19% 10% 10% 10% 8% 5% 5% 4% 3% 3% Software Health Care Providers & Services Professional Services Insurance Commercial Services & Supplies IT Services Health Care Technology Diversified Consumer Services Air Freight & Logistics Aerospace & Defense Remainder of Portfolio, 80% (303 portfolio companies) Snoopy Bidco, 3% JSS, 3% Guidehouse, 2% Auctane (fka Stamps.com), 2% Cambium, 2% Corfin, 2% Bazaarvoice, 2% Navigator, 2% IRI Group/NPD/Circana, 1% Medallia, 1%
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$0.70 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $0.77 $1.06 $0.95 $0.96 $0.87 $0.89 $0.91 $0.84 $0.83 $0.77 $0.82 $0.80 $0.77 $0.75 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Regular Dividend Net Investment Income DIVIDEND COVERAGE HISTORY Regular dividend of $0.77 per share, representing an annualized dividend yield of 12.1% (1) Historical Quarterly Dividends Per Share ($)(3) Note: Per share data is calculated based on weighted average shares outstanding during the period, unless ot herwise noted. Dividends declared were derived by using the actual shares outstanding at the date of the relevant transactions. (1) Dividend yield is calculated as the dividend recorded during a specific quarter annualized and divided by the ending NAV per share. (2) Dividend coverage is calculated as net investment income per sh are during a specific quarter divided by regular dividend per share recorded during the same quarter. (3) Reflects historical divi dends for last three years. Regular Dividend Yield (1) 10.6% 11.6% 11.6% 11.5% 11.3% 11.3% 11.2% 11.2% 11.3% 11.3% 11.4% 11.7% 12.1% Regular Dividend Coverage (2) 151% 123% 125% 113% 116% 118% 109% 108% 100% 106% 104% 100% 97% 9
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SUMMARY OF OPERATING RESULTS (1) Per share data is calculated based on weighted av erage shares outstanding during the period, unless otherwise noted. Dividends declared were der ived by using the actual shares outstanding at the date of the relevant transactions. ($ in millions, except share and per share data) 10 2Q'25 2Q'26 2Q'25 LTM 2Q'26 LTM Investment Income Interest Income $ 321 $ 299 $ 1,311 $ 1,256 Payment-in-kind interest income 22 21 83 102 Dividend income 0 - 0 1 Other Income 1 1 4 3 Total investment income $ 345 $ 320 $ 1,398 $ 1,362 Operating Expenses Interest expense $ 92 $ 101 $ 366 $ 398 Management fees 35 35 131 143 Income based incentive fees 35 2 146 62 Capital gains based incentive fees - - (6) - Other operating expenses 4 4 13 16 Total expenses before tax expense $ 165 $ 142 $ 649 $ 618 Net investment income before tax expense $ 180 $ 178 $ 749 $ 745 Excise and other tax expense 4 4 16 17 Net investment income after tax expense $ 176 $ 174 $ 733 $ 728 Net Realized and Unrealized Gains (Losses) Net realized gain (loss) (10) (28) (13) (45) Net change in unrealized appreciation (depreciation) (11) (137) (102) (390) Net realized and unrealized gains (losses) (21) (164) (114) (435) Net increase (decrease) in net assets resulting from operations $ 155 $ 9 $ 619 $ 293 Per Share Data (1) Net investment income (basic and diluted) $ 0.77 $ 0.75 $ 3.35 $ 3.14 Earnings (loss) per share (basic and diluted) 0.68 0.04 2.84 1.27 Dividends declared per share (regular) 0.77 0.77 3.08 3.08 Weighted average shares outstanding (basic and diluted) 228,192,335 232,557,932 N/A N/A
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SUMMARY STATEMENTS OF FINANCIAL CONDITION ($ in millions, except per share data) 11 6/30/2025 3/31/2026 6/30/2026 Assets Investments at fair value 13,253 $ 13,942 $ 13,364 $ Cash and cash equivalents 274 351 267 Interest receivable 105 98 108 Receivable from broker 11 2 2 Deferred financing costs 20 19 20 Receivable for investments 23 2 25 Receivable for shares sold 5 - - Derivative assets at fair value 20 23 2 Total Assets 13,711$ 14,437 $ 13,789 $ Liabilities & Net Assets Debt (net of unamortized debt issuance costs) 7,091 $ 8,034 $ 7,536 $ Payable for investments 2 11 10 Due to affiliates 6 5 5 Management fees payable 35 36 35 Income based incentive fee payable 35 2 2 Capital gains based incentive fee payable - - - Interest payable 65 61 63 Distribution payable 177 179 179 Derivative liabilities at fair value 0 0 6 Accrued expenses and other liabilities 12 8 14 Total Liabilities 7,423$ 8,337 $ 7,850 $ Total Net Assets 6,288$ 6,100 $ 5,939 $ Total Liabilities and Net Assets 13,711 $ 14,437 $ 13,789 $ Net Asset Value per share 27.33 $ 26.26 $ 25.53 $
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12 $631 $1,289 $907 $303 $154 $530 $1,007 $1,042 $325 $312 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Investment commitments Investment fundings INVESTMENT ACTIVITY Net funded investment activity of $(0.4) billion in the quarter: – New investment commitments of $0.2 billion at par and investment fundings of $0.3 billion – Proceeds from sales and repayments of $0.8 billion Originations and Fundings ($ in millions) Investment Activity Summary ($ in millions, unless otherwise noted) (1) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as appl icable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value) included in such securities. Actual yields e arned over the life of each investment c ould differ materially from the yieldsp r e s e n t e d . 2Q'26 Investment commitments, at par 154 $ Investment fundings 312 Investments sold and repaid (754) Net funded investment activity (442) $ Average new investment commitment 39 $ Number of new portfolio companies 5 Portfolio companies exited 8 Weighted average yield of new investments (1) 9.2% Weighted average yield on investments fully sold or paid down (1) 9.3%
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$5,939 $1,327 $458 $679 $5,150 $2,628 $267 Total Debt: $7,614 Secured Revolver (SOFR + 1.525 - 1.775%(4)) Equity Asset Based Facilities (SOFR + 1.65% - 1.90%) Unsecured Notes ($2.0 billion fixed rate notes with weighted average coupon of 2.58%; $3.2 billion swapped to weighted average of SOFR + 1.67% (1)) Undrawn Borrowing Capacity (subject to borrowing base availability)(3) Cash and cash equivalents (including restricted cash of $84 million) CLO Debt (SOFR + 1.51% - 1.78%) (1) Certain notes are classified for the purposes of this disclosure as floating rate as a result of the Company entering into interest rate swaps to eff ectively swap fixed notes payments for floating rate payments. (2) BXSL has an investment grade credit rating of B aa2 / negative outlook from Moody’s, issued on June 1, 2026, an investment grade credit rating of BBB / stable outlook from Fitch, reaffirmed on April 9, 2026, and an investment grade credit rating of BBB- / stable from S&P, issued on June 1, 2026. The underlying loans in BXSL are not rated. Credit ratings are statements of opinio ns and are not statements of fact or recommendations to purchase, hold or sell securities. Blackstone provides compensation di rectly to Fitch, Moody’s and S&P for its evaluation of the Company. Credit ratings do not address the suitability of securities or the suitability o f securities for investment purposes, and should not be relied on as investment advice. (3) Available liquidity is comprised of cash and cash equivalents, excluding restricted cash, plus the amount available to borrow across all revolvi ng credit facilities, net of limitations related to each respective credit facility’s borrowing base. As of June 30, 2026, $2.8 billion of capacity is undrawn and $2.6 billion is available to borrow. (4) Interest rate is SOFR + 1.525% up to + 1.775% depending on borrowing base availability at the time of borrowing, except for commitments of certain le nders in the amount of $200 million that mature on June 28, 2027 and incur an interest rate of base rate + 1.75% up to + 1.875%. (5) Total all-in cost of debt is calculate d by annualizing interest expense (includes unused fees, amortization of debt issuance costs (including premiums and discounts), the im pact of the application of hedge accounting, and amortization of deferred financing costs on revolving credit fac ilities) divided by weighted average outstanding debt for the qu arter. Weighted average interest rate (includes un used fees, amortization of debt issuance costs (including premiums and discounts) and the impact of the application of hedge accounting) was 4.95% during the quarter. FUNDING PROFILE 80% of assets funded by unsecured debt and equity 3.3 years weighted average maturity Well-structured, diversified, efficient capital structure with significant available liquidity BXSL maintains investment grade corporate credit ratings of Baa2/negative from Moody’s, BBB-/stable from S&P, and BBB/stable from Fitch (2) 5.05% Total all-in cost of debt(5) $2.8B of available liquidity provides material capacity (3) $10.4B of total committed debt Funding Profile ($ in millions) 13
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Supplemental Details
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SECOND QUARTER 2026 NET ASSET VALUE BRIDGE - QTD (1) The per share data was derived by using the weight ed average shares outstanding during the period. (2) The per share data for dividends was deri ved by using the actual shares outstanding as of each respective record date. 15
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SUMMARY OF OPERATING RESULTS – COMPARATIVE (1) Per share data is calculated based on weighted av erage shares outstanding during the period, unless otherwise noted. Dividends declared were der ived by using the actual shares outstanding at the date of the relevant transactions. ($ in millions, except share and per share data) 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Investment Income Interest Income $ 321 $ 328 $ 327 $ 302 $ 299 Payment-in-kind interest income 22 30 30 22 21 Dividend income 0 1 0 0 - Other Income 1 0 0 2 1 Total investment income $ 345 $ 359 $ 358 $ 325 $ 320 Operating Expenses Interest expense $ 92 $ 95 $ 102 $ 100 $ 101 Management fees 35 35 36 36 35 Income based incentive fees 35 31 26 2 2 Capital gains based incentive fees - - - - - Other operating expenses 4 4 4 4 4 Total expenses before tax expense 165 165 168 142 142 Net investment income before tax expense $ 180 $ 194 $ 190 $ 183 $ 178 Excise and other tax expense 4 4 4 4 4 Net investment income after tax expense $ 176 $ 189 $ 186 $ 179 $ 174 Net Realized and Unrealized Gains (Losses) Net realized gain (loss) (10) ( 21) 3 1 (28) Net change in unrealized appreciation (depreciation) (11) (36) (62) (155) (137) Net realized and unrealized gains (losses) (21) (57) (60) (154) (164) Net increase (decrease) in net assets resulting from operations $ 155 $ 13 2 $ 126 $ 25 $ 9 Per Share Data (1) Net investment income (basic and diluted) $ 0.77 $ 0.82 $ 0.80 $ 0.77 $ 0.75 Earnings (loss) per share (basic and diluted) 0.68 0.57 0.55 0.11 0.04 Dividends declared per share (regular) 0.77 0.77 0.77 0.77 0.77 Weighted average shares outstanding (basic and diluted) 228,192,335 230,462, 792 231,349,087 232,203,849 232,557,932 16
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SELECTED FINANCIAL HIGHLIGHTS ($ in millions, except share and per share data) (1) Annualized net investment income return is cal culated as the total quarterly net investment inco me per share (annualized) divided by NAV per shar e at the beginning of the quarter. (2) Total return is calculated as the change in NAV per share during the period, plus dividends per share (assuming dividends and distributions are rei nvested in accordance with the Company's dividend reinvestment plan), divided by the beginning NAV per share. (3) Carrying value of total debt outstanding is show n net of unamortized debt issuance costs and adjust ed for the impact of hedge accounting. Average a nd ending debt-to-equity is calculated using principal amounts outstanding. (4) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as appl icable, on accruing debt included in such securities, divided by (b) total debt investments (at cost or fair value, as applicable) included in such securit ies. Actual yields earned over the life of each investment could differ mat erially from the yields presented. 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Operating results Net investment income $ 176 $ 189 $ 186 $ 179 $ 174 Net income 155 132 126 25 9 Net investment income per share 0.77 0.82 0.80 0.77 0.75 Net income per share 0.68 0.57 0.55 0.11 0.04 Regular dividends per share 0.77 0.77 0.77 0.77 0.77 Annualized net investment income return(1) 11.2% 12.0% 11.8% 11.4% 11.4% Quarterly total return based on NAV(2) 2.3% 2.2% 2.1% 0.7% 0.4% Portfolio activity New investment commitments, at par 631$ 1,289$ 907$ 303$ 154$ New investment fundings 530 1,007 1,042 325 312 Investments sold and repaid (185) (437) (629) (451) (754) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Balance sheet Investments at fair value $ 13,253 $ 13, 810 $ 14,207 $ 13,942 $ 13,364 Total debt outstanding, carrying value(3) 7,091 7,657 8,080 8,034 7,536 Total debt outstanding, principal 7,108 7,669 8,101 8,076 7,614 Net asset value 6,288 6,270 6,245 6,100 5,939 Net asset value per share 27.33 27.15 26.92 26.26 25.53 Ending debt-to-equity(3 ) 1.13x 1.22x 1.30x 1.32x 1.28x Average debt-to-equity(3) 1.13x 1.15x 1.27x 1.31x 1.30x % First lien 98.2% 97.5% 97.6% 97.6% 96.8% Weighted average yield on performing debt and income producing investments, at fair value(4) 10.2% 10.0% 9.6% 9.3% 9.4% Number of portfolio companies 295 311 316 316 313 17
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FUNDING SOURCES SUMMARY $2.8B of liquidity in unrestricted cash and undrawn debt (subject to borrowing base availability) as of June 30, 2026(1) ($ in millions) (1) Available liquidity is comprised of cash and cash equivalents, excluding restricted cash, plus the amount available to borrow across all revolvi ng credit facilities, net of limitations related to each respective credit facility’s borrowing base. As of June 30, 2026, $2.8 billion of capacity is undrawn and $2.6 billion is available to borrow. (2) The period during which Jackson Hole Funding may make borrowings under the Jackson Hole Funding Facility expired on May 2, 2026 and the Jackson Hole Funding Facility is scheduled to mature on May 17, 2027. (3) Interest rate is SOFR + 1.525% up to + 1.775% depending on borrowing base availability at the time of borrowing, except for commitments of certain le nders in the amount of $200 million that mature on June 28, 2027 and incur an interest rate of base rate + 1.75% up to + 1.875%. (4) Certain foreign currency advances incur an interest rate of the benchmark rate in effect for the applicable currency plus the applicable margin of 1.525% up to + 1.775% depending on borrowing base availability at the time of borrowing, except for commitments of certain lenders in the amount of $200 million that mature on June 28, 2027 and incur an interest rate of base rate + 1 . 7 5 %u pt o+1 . 8 7 5 %( +1 0 b p sC S A ) .A so fJ u n e3 0 ,2 0 2 6 ,t h e Company had non-USD borrowings denominated in the following currencies: Canadian Dollars 38.4 million, Euros 390.5 million, British Pounds 293.5 m illion, Australian Dollar 45.0 million. (5) In connection with certain Notes, the Company entered into interest rate swaps to swap the fixed rate payment to a floating rate payment. The Compan y designated these interest rate swap s and the related Notes in qualifying hedge accounting relationships. (6) In connection with certain Notes, the Company entered into interest rat e swaps to swap the fixed rate payment to a floating rate payment. The Compan y designated these interest rate swaps and the April 2028 Notes in a qualifying hedge accounting relationship. $400 million and $300 million of the April 2028 Notes were swapped at SOFR + 1.65% and SOFR + 1.39%, respecti vely. (7) Total all-in cost of debt is calculated by annualizing interest expense (i ncludes unused fees, amortization of debt issuance costs (including pr emiums and discounts), the impact of the application of hedge accounting, and amortization of deferred financing costs on revolving credit facilities) divided by weighted average outstanding debt for the quarter. Weighted av erage interest rate (includes unused fees, amortization of debt issuance costs (including premiums and discounts) and the impact of the a pplication of hedge accounting) w as 4.95% during the quarter. Counterparty and Initial Date Entered Interest Rate Maturity Da te Principal Committed Total Outstanding (Par) Jackson Hole Funding(2) JPM – 11/16/18 SOFR + 1.95% 5/17/2027 $0 $0 Breckenridge Funding BNP – 12/21/18 SOFR + 1.90% 6/18/2029 $1,175 $281 Big Sky Funding BOA – 12/10/19 SOFR + 1.85% 11/21/2029 $800 $357 BXSL 2025-1 Facility 12/27/2024 SOFR + 1.65% 12/27/2028 $400 $41 Revolving Credit Facility (3) (Syndicated) Citi – 6/15/20 SOFR + 1.525% - 1.775%(4) 8/5/2030 $2,429 $1,327 New 2026 Notes 3/16/2021 2.750% 9/16/2026 $700 $700 2027 Notes 7/23/2021 2.125% 2/15/2027 $650 $650 2028 Notes 9/30/2021 2.850% 9/30/2028 $650 $650 November 2027 Notes 5/20/2024 5.875% (swapped to SOFR + 1.38%) (5) 11/15/2027 $400 $400 April 2028 Notes 10/15/24 & 12/16/24 5.350% (swapped to a weighted average of SOFR + 1.54%)(6) 4/13/2028 $700 $700 June 2030 Notes 3/4/2025 5.300% (swapped to SOFR + 1.46%)(5) 6/30/2030 $500 $500 January 2031 Notes 10/14/2025 5.125% (swapped to SOFR + 1.66%)(5) 1/31/2031 $500 $500 September 2029 Notes 3/3/2026 5.25% (swapped to SOFR + 1.93%)(5) 9/4/2029 $400 $400 May 2031 Notes 5/21/2026 5.90% (swapped to SOFR + 2.00%)(5) 5/21/2031 $650 $650 2024-1 CLO Debt Securitization 11/21/2024 SOFR + 1.51% - 1.78% 10/20/2036 $458 $458 Total 5.05% $10,411 $7,614 (7) 18
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Important Disclosure Information
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FORWARD LOOKING STATEMENTS Certain information contained in this communication constitutes “forward-looking statements.” These forward-looking statements can be identified by the use o ff o r w a r d - l o o k i n gt e r m i n o l o g y ,s u c ha s“ o u t l o o k , ”“ i n d i c a t o r , ”“ b e l i e v e s , ”“ e x p e c t s , ”“ p o t e n t i a l , ”“ c o n t i n u e s , ”“ m a y , ”“ c a n , ”“ c o u l d , ”“ w i l l,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include BXSL ’s financial estimates and their underlying assu mptions, statements about plans, statements rega rding pending transactions, objectives and expectations with respect to future operations, statements regarding fut ure performance, statements regar ding economic and market trends and statements regarding identified but not yet closed investments. Such forward ‐looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. BXSL believes these factors include but are not limited to thos e described under the section entitle d “Risk Factors” in its prospectus an d annual report for the most recent fiscal year, and any such updated factors include d in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec .gov. These factors should not be construed as exh austive and should be read in conjunction with th e other cautionary statements that are included in this document (or BXSL’s prospectus and other filings). Except as otherwise required by federal securities laws, BXSL undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developme nts or otherwise. 20