Blackstone Secured Lending Fund reports record $186m Q3 net investment income
Blackstone Secured Lending Fund (BXSL) has reported record net investment income of $186m (£146m) for the third quarter of 2024, up 15.5 per cent year-on-year from $161m.
Net asset value (NAV) per share also hit a record high of $27.27 at quarter-end, an increase of 0.3 per cent compared to $27.19 per share at the end of the previous quarter.
NAV was approximately $5.7bn at the end of the third quarter of 2024, while the firm reported new investment commitments of $1.1bn for the quarter, and $1bn funded.
“BXSL reported its highest net investment income on a dollar basis and record net asset value per share, along with another active quarter of both commitments and fundings,” said co-chief executives of Blackstone Secured Lending Fund Brad Marshall and Jonathan Bock.
“Credit performance remained strong with minimal non-accruals, underpinned by a 98.7 per cent first lien senior secured debt portfolio with a low loan-to-value ratio of 46.5 per cent. BXSL also received a full-notch credit rating upgrade from Moody’s to Baa2, one of only two publicly traded BDCs with that distinction. BXSL is well positioned in this dynamic market, and we are highly confident in our ability to deploy capital and deliver shareholder value.”
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The firm reported overall net income of $152m for the third quarter of 2024, down 11 per cent compared with $171m at the same time in the previous year.
However, net income in the last twelve months came to $689m, up almost 20 per cent from $576m at the same point in 2023.
Blackstone Secured Lending Fund is a business development company that primarily invests in senior secured debt of private US companies. Its investments are currently worth around $1bn.
It is owned by asset manager Blackstone, which has more than $1.1tn of assets under management.
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