Blackstone Secured Lending Fund (BXSL) came out with quarterly earnings of $0.84 per share, missing the Zacks Consensus Estimate of $0.86 per share. This compares to earnings of $0.96 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.33%. A quarter ago, it was expected that this company would post earnings of $0.90 per share when it actually produced earnings of $0.91, delivering a surprise of 1.11%.Over the last four quarter ...

Exhibit 99.1 Sec11re Blackstone Lending Blackstone Secured Lending Fund Reports Fourth Quarter and Full Year 2024 Results NEW YORK — February 26, 2025 — Blackstone Secured Lending Fund (NYSE: BXSL or the "Company") today reported its fourth quarter and full year 2024 results. Brad Marshall and Jonathan Bock, Co-Chief Executive Officers of Blackstone Secured Lending Fund, said, "BXSL reported another strong quarter with active deployment, its record total investment income, and increased net asset value. Cre ...

Assets and Management - As of December 31, 2024, Blackstone had total assets under management (AUM) of over $1.1 trillion, with Blackstone Credit & Insurance managing $376 billion[35]. - The company is invested in over 4,800 corporate issuers globally, with over 400 sponsor and advisor relationships, enhancing its access to diverse investment opportunities[46]. - The company had unfunded delayed draw term loans and revolvers totaling $1.7 billion as of December 31, 2024[94]. - The company's asset coverage was reported at 185.7% as of December 31, 2024[96]. - Total assets increased to $13,472,224 thousand as of December 31, 2024, up from $10,134,618 thousand in 2023, representing a growth of approximately 33.1%[711]. Investment Strategy and Performance - Blackstone Credit & Insurance aims to provide attractive yields by predominantly investing in floating rate assets, which are expected to perform well in changing interest rate environments[39]. - The company targets investments primarily in secured debt, with at least 80% of total assets invested in secured debt investments[57]. - The investment strategy includes a rigorous due diligence process focused on downside protection and capital preservation[71]. - The company expects to realize returns through refinancings, sales of portfolio companies, and potential initial public offerings[64]. - The company reported a total investment amount of $399,087 thousand with a fair value of $391,477 thousand, representing a 6.43% return on net assets[732]. Financial Performance - Net investment income after tax expense for 2024 was $707,595 thousand, up from $653,905 thousand in 2023, reflecting an increase of approximately 8.2%[714]. - Total investment income for 2024 was $1,326,901 thousand, compared to $1,143,517 thousand in 2023, reflecting an increase of about 16.0%[714]. - The net increase in net assets resulting from operations was $694,097, compared to $611,951 in 2023, reflecting a growth of 13.5%[720]. - The distribution payable for 2024 was $170,751, up from $143,052 in 2023, reflecting an increase of 19.4%[722]. Debt and Financing - The company intends to continue using leverage for its investment activities, permitted up to a debt-to-equity ratio of 2:1 under the 1940 Act[27]. - The company may enter into total return swap agreements to add leverage to its portfolio[138]. - The company has created leverage by securitizing its assets, including in CLOs, and may pursue additional debt securitizations[139]. - The company is required to maintain a bond for protection against larceny and embezzlement[143]. - The total amount of debt reported across various entities is approximately $969,872,000, with a significant portion attributed to World Insurance Associates, LLC[747]. Risk Management - The company actively monitors portfolio performance with a focus on anticipating negative credit events[81]. - The company is subject to financial market risks, including valuation risk and interest rate risk[683]. - The company must diversify its holdings so that at least 50% of total assets are represented by cash and cash items, U.S. government securities, and other RICs[154]. - The company has a significant focus on healthcare providers and services, indicating a strategic emphasis on this sector[741]. Incentive Fees and Distributions - The income-based incentive fee is set at 17.5% with a hurdle rate of 1.5% per quarter (6.0% annualized)[105]. - The company intends to distribute substantially all of its available earnings annually, with distributions paid on a quarterly basis[124]. - The company must distribute an amount equal to at least 98% of its ordinary income and 98.2% of its capital gains to avoid a 4% excise tax[156]. Investment Team and Expertise - Blackstone Credit & Insurance's investment team consists of 376 professionals, including a 96-person Chief Investment Officer team focused on various investment functions[36]. - The investment team consists of 103 dedicated professionals as of December 31, 2024, enhancing the company's sourcing and origination capabilities[67]. - Blackstone Credit & Insurance's Senior Managing Directors have an average of 24 years of industry experience, contributing to its expertise in the credit-focused investment platform[37]. Portfolio Composition - The total fair value of investments reported is $1,245,934,000, with a net asset percentage of 19.54%[741]. - The fund's diversified portfolio includes investments across various sectors, including Commercial Services & Supplies and Chemicals, enhancing its risk management strategy[728]. - The company has a significant investment in Cambium Learning Group, Inc. amounting to $286,185 thousand, with a fair value of $284,735 thousand, yielding a 4.71% return[732]. Competition and Market Position - The company faces significant competition from larger BDCs and investment funds, which may have lower costs of capital and greater resources[126]. - The company believes the market for lending to U.S. private companies is underserved, with over $1.4 trillion of "dry powder" available from private equity funds as of December 31, 2024[41].

Core Insights - Blackstone Secured Lending (BXSL) and Morgan Stanley Direct Lending (MSDL) are comparable business development companies (BDCs) focusing on first-lien debt investments in US middle-market businesses [1] Company Overview - Both BXSL and MSDL share a similar investment strategy, primarily investing in first-lien debt [1] - The companies are exposed to the changing dynamics of the market, which can impact their performance [1] Investment Philosophy - The article emphasizes the importance of dividend investing as a pathway to financial freedom, highlighting its accessibility for investors [1] - The author aims to share insights and experiences to help others navigate the world of dividend investing [1]

Group 1 - Golub Capital BDC and Blackstone Secured Lending are recognized as blue-chip business development companies, appealing to retirees due to their investment-grade balance sheets [1] - Both companies are noted for their reputable management teams and conservatively positioned investment portfolios, which contribute to strong underwriting performance [1] Group 2 - The investment service mentioned is the fastest growing high yield-seeking service on Seeking Alpha, boasting a perfect 5/5 rating from 180 reviews [2] - Members of this service are reportedly profiting from high-yielding strategies, with an invitation to join at the lowest rate ever offered [2]

Core Insights - The private credit segment has significantly expanded in recent years, driven by a more regulated banking environment, an increasing share of private equity, and higher base rates [1] Group 1: Market Dynamics - The growth in private credit is attributed to the regulatory changes in the banking sector, which have limited traditional lending options [1] - The expanding market share of private equity has contributed to the rise in private credit, indicating a shift in investment strategies [1] - Higher base rates have created favorable conditions for private credit, allowing for more attractive financing options [1] Group 2: Individual Contributions - Roberts Berzins has over a decade of experience in financial management, focusing on shaping financial strategies for top-tier corporates [1] - He has played a significant role in institutionalizing the REIT framework in Latvia to enhance liquidity in pan-Baltic capital markets [1] - Berzins has also contributed to policy-level work, including the development of national SOE financing guidelines and frameworks for channeling private capital into affordable housing [1]

Group 1 - The focus is on growth and dividend income as a strategy for retirement planning [1] - The portfolio is structured to generate monthly dividend income that grows through reinvestment and annual increases [1] Group 2 - The article expresses personal opinions and is not intended as investment advice [2] - It emphasizes the importance of conducting individual research before making investment decisions [2]

Core Viewpoint - The article emphasizes a personal investment strategy focused on growth and dividend income, aiming for an easy retirement through a portfolio that generates monthly dividend income and benefits from reinvestment and annual increases [1]. Group 1 - The investment strategy is centered around compounding dividend income and growth, highlighting the importance of dividends in achieving financial goals [1]. - The portfolio is structured to provide monthly dividend income, which is expected to grow through reinvestment and yearly increases [1]. Group 2 - The article does not provide specific recommendations for stock purchases or sales, indicating that the views expressed are personal opinions and not professional advice [2][3]. - It stresses the importance of individual research for investors to determine if the discussed companies align with their investment objectives and financial situations [2].

Financial Data and Key Metrics Changes - BXSL reported net investment income (NII) of $186 million or $0.91 per share, up 16% year-over-year and the highest dollar amount since inception [32] - Total investment income for the quarter was a record $59 million or 21% year-over-year, driven by increased interest income [32] - Net asset value (NAV) per share increased to $27.27, up from $27.19 last quarter, marking the eighth consecutive quarter of NAV growth [34] Business Line Data and Key Metrics Changes - BXSL ended the quarter with $12 billion of investments at fair value, a 6% increase from $11.3 billion in Q2 [15] - The weighted average yield on performing debt investments was 11.2%, down from 11.6% in the previous quarter [16] - The portfolio maintained a low nonaccrual rate of 0.2% at cost, compared to the average of 2.8% among traded BDC peers [19] Market Data and Key Metrics Changes - The company ended the quarter with $1.1 billion in new commitments and $956 million in fundings, marking the highest quarter of fundings since 2021 [11] - The economic environment showed optimism for a soft landing, with Q3 GDP growth at 2.8% annualized [13] - The company noted a significant increase in deal flow, with over 2x growth in the investment pipeline since Q1 of last year [12] Company Strategy and Development Direction - BXSL aims to maintain a focus on first lien senior secured loans, with 99% of investments in this category [17] - The company is positioned to benefit from increased M&A activity and private equity sponsor activity as interest rates decline [25] - BXSL's strategy includes leveraging its scale and platform to enhance asset quality and transaction speed [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a "super cycle" for deal volume in 2025, driven by lower capital costs and a supportive economic outlook [60] - The company highlighted the importance of maintaining a conservative leverage ratio to maximize long-term returns [56] - Management noted that the current economic conditions and the administration's support for deal activity contribute to a positive outlook for the upcoming year [61] Other Important Information - Moody's upgraded BXSL's credit rating from Baa3 to Baa2, making it the only manager with two BDCs holding this distinction [10] - The company maintained a strong liquidity position with $1.1 billion in cash and available borrowing capacity [34] - BXSL's corporate revolver was upsized by $300 million, tightening the lowest tier drawn spread [40] Q&A Session Summary Question: Spillover and Earnings Management - Spillover is currently about $1.82 per share, representing over two quarters' worth of dividends [45] - Management emphasized the importance of maintaining adequate spillover to ensure attractive returns [48] Question: Outlook for M&A Activity - Management believes that lower rates and spreads will accelerate deal activity, leading to increased turnover and fee generation [49] Question: Impact of M&A on Earnings - A more active M&A market could lead to increased earnings, with potential turnover rates of 20% to 25% [52] Question: Confidence in Future Activity - The primary changes contributing to increased confidence include lower rates, improved economic outlook, and significant dry powder among private equity sponsors [60] Question: Documentation Trends - The average spread on new deals was in the range of 500 to 515 basis points, with nearly 100% of documents including key protections [67] Question: Borrower Size Target - BXSL is currently more active in the middle market but may skew towards larger companies if the market conditions are favorable [74] Question: PIK Income Trajectory - PIK income represented about 6% of total income, with expectations for quality to align with earnings growth [76] Question: Aftermarket Program Outlook - Management indicated that while there is optimism for the deal environment, timing remains uncertain [81]

Core Insights - Blackstone Secured Lending Fund (BXSL) reported a revenue of $343 million for the quarter ended September 2024, reflecting a year-over-year increase of 20.8% [1] - The earnings per share (EPS) for the quarter was $0.91, slightly down from $0.95 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $334.1 million, resulting in a positive surprise of +2.67% [1] - The EPS also surpassed the consensus estimate of $0.90, with a surprise of +1.11% [1] Financial Metrics - Fee income for the quarter was $0.51 million, below the average estimate of $0.83 million from three analysts [3] - Interest income amounted to $321.49 million, exceeding the average estimate of $304.39 million from two analysts [3] - Payment-in-kind interest income was reported at $21.21 million, slightly below the average estimate of $21.25 million from two analysts [3] Stock Performance - Over the past month, shares of Blackstone Secured Lending Fund have returned +4.4%, outperforming the Zacks S&P 500 composite's +3.3% change [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [4]