About BXSL - BXSL - Blackstone Secured Lending Fund

Company Overview

Launched in 2018 and currently has ~$4.9 billion of equity

Senior Secured Positions

BXSL focuses on first lien senior secured opportunities with structural protection

Blackstone Credit & Insurance Advantage

Blackstone’s platform provides scale, deep relationships, access to insights and expertise, and value-added operational support for borrowers

Blackstone’s Expertise

Long-standing Institutional Credit Platform

The Blackstone Credit & Insurance team has been investing together since 2005 with a history of focusing on capital appreciation and preservation, and income generation

Experienced Solution Provider for Partners

We believe Blackstone Credit & Insurance’s ability to provide flexible, well-structured capital solutions in scale is a competitive advantage

Latest News and Views

PRESS RELEASE

Blackstone Secured Lending Fund Reports Fourth Quarter & Full Year 2023 Results

PRESS RELEASE

Blackstone Credit Increases Regular Distributions for BDCs

ARTICLE

Wall St Journal: It’s Private Credit’s Time to Shine, Blackstone’s Brad Marshall Says

VIEW ALL PRESS RELEASES

Private Credit Offers Risk-Adjusted Returns

While bond yields are at near-record lows, private credit yields stand at levels higher than those of other fixed income sectors like the syndicated loan market

Annualized Yields (12-Month)

Source: Morningstar, Cliffwater, and S&P/LSTA Leveraged Loan Index as of June 30, 2021.
(i) Indices. “Private Credit” is represented by the Cliffwater Direct Lending Index. “Leveraged Loans” is represented by the S&P/LSTA Leveraged Loan Index. “High Yield” is represented by the Bloomberg Barclays High Yield Index. “Corporates” is represented by the Bloomberg Barclays US Corporate Bond Index. “Investment Grade Bonds” is represented by the Bloomberg Barclays US Aggregate Bond Index. “Treasuries” is represented by the Bloomberg Barclays US Treasury Index. The indices presented (excluding Private Credit) represent investments that have material differences from an investment in BXSL or the investments that BXSL may make.
(ii) Investments/Risks. BXSL expects to invest primarily in the debt of private U.S. companies similar to those represented in the Private Credit index and therefore will face risks similar to those facing the assets represented by that index. BXSL’s investments and Private Credit assets are expected to face risks different than those faced by the other indices, including (i) significantly less liquidity as Private Credit assets generally do not have liquid markets, (ii) greater risk of default and related risk of loss of principal, (iii) unlike certain of the indices above (Corporates, Investment Grade Bonds and Treasuries), being unrated or rated below investment grade and (iv) unlike Treasuries, not being guaranteed and are not backed by the U.S. government. BXSL may also invest in instruments not represented by Private Credit or the other indices above, including equities, preferred securities or non-U.S. securities (including non-U.S. dollar denominated instruments), among others, and therefore is subject to additional risks, such as increased volatility, currency risk, risk of regulation or foreign market events.
(iii) Fees and Expenses. An investment in BXSL is subject to fees and expenses, which will lower BXSL’s returns. The indices presented are not subject to fees or expenses and it is not possible to directly invest in any index presented.
(iv) Use of Leverage. Unlike the indices presented, BXSL employs leverage, which increases the volatility of BXSL’s investments and will magnify the potential for loss of amounts invested in BXSL.
For more information on these indices, please see the Index Definitions section. For a more detailed description of BXSL’s investment guidelines and risk factors, please refer to BXSL’s prospectus. Past performance is not necessarily indicative of future results, and there can be no assurance that Blackstone Credit & Insurance will achieve comparable results or that Blackstone Credit & Insurance will be able to implement its investment strategy or achieve its investment objectives. Portfolio diversification does not guarantee profit or protect against loss.

Index Definitions. The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. S&P/LSTA Leveraged Loan Index is a market value-weighted index designed to measure the performance of the US leveraged loan market based upon market weightings, spreads and interest payments. Bloomberg Barclays US Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Bloomberg Barclays US Treasury Index is a rules-based, market-value weighted index engineered to measure the performance and characteristics of fixed rate coupon US Treasuries which have a maturity greater than 12 months. To be included in the index a security must have a minimum par amount of $1 billion. Bloomberg Barclays US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. Bloomberg Barclays US Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

With low correlation to traditional fixed income, we believe private credit can be used to diversify return streams

Correlation to Investment Grade Bonds (15-Years, Annualized)

Source: Morningstar, Cliffwater Direct Lending Index, as of June 30, 2021. Volatility is measured using standard deviation. Morningstar computes standard deviation using trailing monthly total returns for 15 years. All of the monthly standard deviations are then annualized and the volatility is expressed as a percentage.
(i) Indices. “Private Credit” is represented by the Cliffwater Direct Lending Index. “Senior Loans” is represented by the S&P/LSTA Leveraged Loan Index. “High Yield” is represented by the Bloomberg Barclays High Yield Index. “Corporates” is represented by the Bloomberg Barclays US Corporate Bond Index. “Investment Grade Bonds” is represented by the Bloomberg Barclays US Aggregate Bond Index. “Treasuries” is represented by the Bloomberg Barclays US Treasury Index. The indices presented (excluding Private Credit) represent investments that have material differences from an investment in BXSL or the investments that BXSL may make.
(ii) Investments/Risks. BXSL expects to invest primarily in the debt of private U.S. companies similar to those represented in the Private Credit index and therefore will face risks similar to those facing the assets represented by that index. BXSL’s investments and Private Credit assets are expected to face risks different than those faced by the other indices, including (i) significantly less liquidity as Private Credit assets generally do not have liquid markets, (ii) greater risk of default and related risk of loss of principal, (iii) unlike certain of the indices above (Corporates, Investment Grade Bonds and Treasuries), being unrated or rated below investment grade and (iv) unlike Treasuries, not being guaranteed and are not backed by the U.S. government. BXSL may also invest in instruments not represented by Private Credit or the other indices above, including equities, preferred securities or non-U.S. securities (including non-U.S. dollar denominated instruments), among others, and therefore is subject to additional risks, such as increased volatility, currency risk, risk of regulation or foreign market events.
(iii) Fees and Expenses. An investment in BXSL is subject to fees and expenses, which will lower BXSL’s returns. The indices presented are not subject to fees or expenses and it is not possible to directly invest in any index presented.
(iv) Use of Leverage. Unlike the indices presented, BXSL employs leverage, which will increase the volatility of BXSL’s investments and will magnify the potential for loss of amounts invested in BXSL.
For more information on these indices, please see the Index Definitions section. For a more detailed description of BXSL’s investment guidelines and risk factors, please refer to BXSL’s prospectus. Past performance is not necessarily indicative of future results, and there can be no assurance that Blackstone Credit & Insurance will achieve comparable results or that Blackstone Credit & Insurance will be able to implement its investment strategy or achieve its investment objectives. Portfolio diversification does not guarantee profit or protect against loss.

¹The awards described above may not be representative of any one client’s experience with Blackstone Credit & Insurance and should not be viewed as indicative of future performance. The awards were provided by Private Debt Investor, a publication addressing private credit markets, and cover the 2021 calendar year. Private Debt Investor determines its industry awards annually by way of nominations and an online reader poll that prompts readers to vote for a particular firm in one or more of multiple enumerated categories, including those shown above and therefore is based on subjective criteria. In addition, their selection to receive the awards and/or their rankings may have been based on a limited universe of participants, and therefore there can be no assurance that a different sampling of participants might not achieve different results.