The following is a summary of the Blackstone Secured Lending Fund (BXSL) Q2 2024 Earnings Call Transcript:

Financial Performance:

• BXSL reported a record quarter in Q2 2024, with net investment income per share at $0.89, a 13.2% annualized return on equity, up from $0.87 in the previous quarter.

• The company's net income per share increased to $1.01 from $0.96 quarter-over-quarter.

• Net asset value per share rose by 1.2% to $27.19 from $26.87 since last quarter.

• The dividend was declared at $0.70 per share, representing an 11.3% annualized dividend yield.

Business Progress:

• Q2 2024 saw BXSL's most active quarter since 2021 for originations, totaling $1.3 billion in commitments and $891 million in fundings, nearly all in first lien senior secured debt.

• The company successfully integrated strategic repositioning in sectors with historically lower default rates and maintained strong liquidity position at $1.2 billion.

Opportunities:

• Increased focus on middle-market companies providing exposure to compelling risk-adjusted opportunities, particularly in software, healthcare, and business services sectors.

• Growth opportunities acknowledged through the acquisition of new clients due to Blackstone's value creation programs.

Risks:

• The gradual growth from AI services as Azure AI scales and general availability dates approach could pose a risk if growth expectations do not meet market predictions.

• With an active quarter for originations, any potential economic downturn or increased competition could impact liquidity and the default rate among newly acquired high credit companies.

More details: BLACKSTONE SECD LENDING FD IR

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