BXSL: Updating our estimates

Research evidence excerpt

BXSL: Updating our estimates

RBC Capital Markets, LLC

Kenneth S. Lee (Analyst)

(212) 905-5995, kenneth.s.lee@rbccm.com

Adam Fallis (Associate)

(646) 618-6529, adam.fallis@rbccm.com

May 17, 2026 Outperform

NYSE: BXSL; USD 24.02 Blackstone Secured Lending Fund Price Target USD 26.00 ↓ 28.00RESEARCH Updating our estimates Scenario Analysis*

Our view: Revising our estimates post 1Q. Non-accruals picked up q/q, Downside Current Price Upside

mainly driven by 3 names. Qtrly common div maintained at 77c/sh and our Scenario Price Target Scenario

updated model anticipates some support from spillover to maintain divs for 13.00 24.02 26.00 31.00

rest of 2026, though our model is pencilling in a div reduction in 2027. We 33% 21% 42%

continue to favor BXSL’s conservative risk profile, low expense model, and *Implied Total Returns

portfolio construction, and access to BXCI platform for originations flow. Key Statistics

We maintain our Outperform rating and revise PT to $26 (from $28). Shares O/S (MM): 232.3 Market Cap (MM): 5,579EQUITY Dividend: 3.08 Yield: 12.8%

Key points: NAVPS: 26.26 P/NAVPS:Avg. Daily Volume: 2,690,9990.91x

Our estimate changes: Our 2026/2027 NII/share estimates are being

revised downwards to $2.72/$2.50 (from $2.89/$2.78), as we factor in RBC Estimates

slightly more conservative leverage levels and updated asset yield and FY Dec 2024A 2025A 2026E 2027E

EPS, Core Basic 3.51 3.23 2.72 2.50 funding cost assumptions. Our PT is being revised to $26 (from $28), partly Prev. 2.89 2.78

driven by downward revision in our NAV/sh estimate, and is based on 1.0x P/E 6.8x 7.4x 8.8x 9.6x

our 2026 NAV/share estimate of $25.90 (previously 1.04x on our 2026 NAV/ BVPS Basic 27.39 26.92 25.90 26.00

share estimate of $27.01). Prev. 27.01 27.06

P/BVPS 0.88x 0.89x 0.93x 0.92x