Blackstone Secured Lending: Finally, The Dividend Cut Is Here

What happened: Blackstone Secured Lending Fund ($BXSL) cut its dividend by 22% to $0.60 per share after two quarters of insufficient net investment income. Key numbers: Dividend cut 22% to $0.60 per share from $0.77. Q3 non-accrual ratio 2.1% at fair value. Q3 NII coverage 88.3%. Variable rate loan portfolio 95.1%. Why it matters: The reset reflects pressure on dividend coverage from a rising non-accrual ratio and weaker net investment income. $BXSL trades at a discount to NAV on concerns over asset quality and dividend sustainability.

Blackstone Secured Lending Fund ($BXSL) cut its dividend by 22% to $0.60 per share after two quarters of insufficient net investment income.

The reset reflects pressure on dividend coverage from a rising non-accrual ratio and weaker net investment income. $BXSL trades at a discount to NAV on concerns over asset quality and dividend sustainability.