BXSL Q2 Earnings: NAV Drops to $25.53, Non-Accruals Spike, Earnings Plunge
BXSL is trading near its 52-week low of $22.47 (4.5% above the low).
Summary
BXSL's Q2 2026 earnings show a sharp decline in credit quality, with non-accruals spiking and NAV falling to $25.53. Earnings per share dropped to $0.04, and the incentive fee collapsed, signaling portfolio stress.
Key Events · Earnings and Guidance · BXSL
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NAV Per Share Declines to $25.53
Net asset value per share fell from $26.92 at year-end 2025 to $25.53, a 5.2% drop, driven by $291 million in unrealized depreciation on investments.
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Non-Accrual Assets Surge
Non-accrual assets jumped to 3.6% of amortized cost (1.8% at fair value) from 0.6% (0.5% at fair value) at year-end 2025, indicating significant credit deterioration in the loan portfolio.
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Earnings Per Share Plunge
Earnings per share fell to $0.04 in Q2 2026 from $0.68 a year ago, as net investment income declined and unrealized losses mounted.
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Incentive Fee Collapses
The income-based incentive fee dropped to $1.7 million from $34.7 million in Q2 2025, as the Incentive Fee Cap limited payouts due to cumulative net losses.
Analysis · BXSL · Unknown
Blackstone Secured Lending Fund's Q2 2026 results reveal meaningful deterioration. Net investment income per share slipped to $0.75 from $0.77 a year ago, but the real damage lies in credit quality: non-accrual assets jumped to 3.6% of amortized cost from 0.6% at year-end, driving $291 million in unrealized depreciation. NAV per share fell to $25.53 from $26.92. Earnings per share collapsed to $0.04 from $0.68. The income-based incentive fee plummeted to $1.7 million from $34.7 million, reflecting the Incentive Fee Cap triggered by cumulative net losses. This comes after the recent departure of Co-CEO Jonathan Bock, adding leadership uncertainty to a deteriorating credit picture. The stock trades near its 52-week low, and these results confirm the market's concerns.
How filings like this one have moved
In the 30 days to Sep 20, 2026, 34.7% of the 1035 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.45%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BXSL was trading at $23.48 on NYSE in the Unknown sector, with a market capitalization of approximately $5.4B. The 52-week trading range was $22.47 to $31.24. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.