Monitor BXSL's credit quality and non-accrual trends closely. The sharp increase in unrealized losses and declining investment income suggest potential further NAV erosion. Watch for any guidance changes or dividend adjustments in coming quarters.
Price Chart
Executive Summary
BXSL reported Q1 2026 NII of $0.77/share, beating $0.75 consensus by 2.7%, but total investment income fell 9% YoY to $325M. Net income plunged to $25M from $150M YoY driven by $155M unrealized losses, and non-accrual investments jumped to 3.1% from 0.5% in the prior quarter. NAV per share declined to $26.26 from $26.92, signaling credit deterioration.
Key Financial Metrics
Key Facts
- NII per share $0.77 vs consensus $0.75 (beat 2.7%)
- Total investment income $325M vs $358M YoY (-9.2%)
- Net income $25M vs $150M YoY, driven by $155M unrealized losses
- Non-accrual investments at fair value rose to 3.1% from 0.5% in Q4 2025
- NAV per share fell to $26.26 from $26.92
- Dividend maintained at $0.77/share; dividend coverage 100%
- Ending debt-to-equity 1.32x, up from 1.30x
Financial Impact
Total investment income down $33M YoY; unrealized losses of $155M reduced net income significantly.
Risk Factors
- Further credit deterioration and rising non-accruals
- Continued net realized/unrealized losses pressuring NAV
- Potential dividend cut if NII coverage weakens
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-053022 |
| Document: ea0289403-01_ex991.htm | 0001213900-26-053022 |
| Document: 0001213900-26-053022-index-headers.html | 0001213900-26-053022 |
| Document: 0001213900-26-053022-index.html | 0001213900-26-053022 |
| Document: 0001213900-26-053022.txt | 0001213900-26-053022 |
| 8-K Data (Synthetic) | 0001213900-26-053022 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 15, 2026 10w ago | Institutional Cluster | $24.21 $24.65 | ▲ +1.82% | ▲ +3.34% | $23.20 (−4.15%) |
Jun 29, 2026 17w ago | DEFA14A | $23.71 $23.00 | ▼ −2.99% | ▼ −1.97% | $23.20 (−2.13%) |
May 21, 2026 22w ago | 8-K | $23.33 $23.43 | ▲ +0.43% | ▲ +1.84% | $23.20 (−0.54%) |
May 7, 2026 24w ago | 8-K | $24.36 $23.26 | ▲ +4.52% | ▲ +7.65% | $23.20 (+4.74%) |
Mar 11, 2026 32w ago | Insider Cluster | $23.71 $23.13 | ▼ −2.45% | ▼ −4.46% | $23.20 (−2.13%) |
Feb 25, 2026 34w ago | 8-K | $23.85 $23.36 | ▼ −2.07% | ▲ +3.17% | $23.20 (−2.71%) |
US Market Status
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