NYSE$BXSL

Blackstone Secured Lending Fund · Q4 2025 earnings

Q4 2025 earnings · · Before market open · Investor relations

Briefing

Blackstone Secured Lending reported Q4 2025, revenue of $186M, net income of $126M, diluted EPS of $0.55.

For Q4 2025, Blackstone Secured Lending reported revenue of $186M, net income of $126M, diluted EPS was $0.55. Management discusses segment performance, capital allocation, and macro risks in the quarterly filing.

  • Revenue $186M.
  • Net income $126M.
  • Diluted EPS $0.55.

Headline financials

Total Revenue

$186M

Previous: $353M-47.3%
EPS (adj)

$0.55

Previous: $0.84-34.5%
Debt-to-equity

1.3

No prior period
Investments at fair value

$14.2B

Previous: $13.1B+8.5%
Non-accrual rate

0.6%

No prior period
Total all-in cost of debt

4.9%

No prior period
NAV per share

$26.92

Previous: $27.39-1.7%
Annualized NII return

11.8%

No prior period
Net Income

$126M

Previous: $162M-22.2%
Operating Income

$190M

No prior period

Revenue & EPS history

Blackstone Secured Lending Fund · Revenue · Quarterly

$186M

Q4 2025-47.3%vs Q4 2024
Beat estimate in 2 of 14 quarters(14%)
ActualEstimate

Forward guidance

The quarterly filing discusses operating priorities, capital returns, and sector risks; numeric multi-quarter bridges vary by issuer.

Tailwinds

  • MD&A highlights liquidity, capital, and core business trends.
  • Segment or product commentary supports the earnings narrative.

Headwinds

  • Macro, rates, or input costs may pressure near-term margins.
  • One-time items can affect year-over-year comparability.

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 2025

Historical avgQ4 2025

+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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