Blackstone Secured Lending Fund (NYSE:BXSL) reported second-quarter net investment income of $174 million, or $0.75 per share, which is below its $0.77 per-share quarterly dividend. The fund aims to align its dividend with its longer-term earnings profile by utilizing previously retained earnings as a temporary bridge. The annualized yield on net investment income was 11.4%, compared to an annualized distribution yield of 12.1%.
The fund’s net asset value per share fell by 2.8% to $25.53, driven by $0.59 per share of unrealized net losses and $0.12 per share of realized losses due to two restructurings. BXSL experienced a significant repayment activity, receiving over $700 million, equivalent to an annualized repayment rate of 21% of portfolio fair value, a notable increase from 13% in the prior quarter.
At quarter-end, BXSL held $13.4 billion in investments at fair value, $7.5 billion in outstanding debt, and $5.9 billion in net assets, with total liquidity of $2.8 billion. The company’s net leverage was 1.25 times, down from previous quarters, and management is considering stock repurchases against capital deployment at wider spreads.
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