NYSE$BXSL

Blackstone Secured Lending Fund · Q4 2021 earnings

Q4 2021 earnings · · Investor relations

Briefing

Reported strong fourth quarter results with exceptional performance and credit quality.

Blackstone Secured Lending Fund reported a strong finish to the year with exceptional performance and credit quality. The company's total portfolio at fair value was $9.9 billion, up 76% year-over-year. Net investment income was $111 million, or $0.67 per share, and net income was $122 million, or $0.73 per share.

  • Total portfolio at fair value of $9.9 billion, up 76% year-over-year
  • 98% first lien, 44% loan-to-value and 0% of portfolio on non-accrual
  • Net investment income of $111 million, or $0.67 per share
  • Net income of $122 million, or $0.73 per share

Headline financials

Total Revenue

$192M

No prior period
EPS (adj)

$0.67

Previous: $2.29-70.7%
Debt-to-equity

1.25

No prior period
Investments at fair value

$9.9B

No prior period
Non-accrual rate

0.0%

No prior period
Total all-in cost of debt

2.9%

No prior period
Net Income

$122M

Previous: $219M-44.2%
Operating Income

$111M

No prior period
Cash & Equivalents

$809M

Previous: $218M+271.1%
Total Assets

$9.9B

No prior period

Revenue & EPS history

Blackstone Secured Lending Fund · Revenue · Quarterly

$192M

Q4 2021
Beat estimate in 4 of 14 quarters(29%)
ActualEstimate

Forward guidance

BXSL is well positioned to continue delivering for investors given a high-quality portfolio, structural competitive advantages and an attractive regular dividend yield of over 8% based on NAV.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2021

Historical avgQ4 2021

+0.5%

Avg return

Earnings day

+0.7%

Avg return

5 days after

+0.6%

Avg return

30 days after

50%

10 / 20 earnings

Positive

+5.0%

Q2 2022

Best reaction

-4.6%

Q2 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-0.8%-3.1%-3.9%
Q4 2025+3.3%+1.5%-1.4%
Q3 2025+0.3%+0.6%+7.0%
Q2 2025-3.1%-2.6%-6.1%
Q1 2025+0.9%+4.0%+8.6%
Q4 2024-3.7%-1.4%-3.1%
Q3 2024-0.5%-0.9%+3.2%
Q2 2024+1.8%+1.7%+1.7%
Q1 2024-1.2%-3.2%-2.6%
Q4 2023-1.1%-0.8%+4.0%
Q3 2023-1.1%-0.8%-0.5%
Q2 2023-4.6%-3.8%-3.2%
Q1 2023-0.9%-1.2%+1.2%
Q4 2020+2.4%+2.4%+2.6%
Q4 2022+2.4%+2.4%+2.6%
Q3 2021+3.9%+5.3%+0.9%
Q3 2022+3.9%+5.3%+0.9%
Q2 2022+5.0%+3.9%+3.5%
Q1 2022+2.8%+1.0%-1.5%
Q4 2021-0.8%+3.1%-2.6%

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