1. Blackstone Secured Lending (BXSL) offers a near-record 11.6% dividend yield, fully covered by net investment income but with tight coverage at 100%; 2. Market selloffs in private credit were driven by pending Fed rate cuts and the collapse of First Brands Group, though BXSL had no exposure to affected companies; 3. BXSL anticipates increased origination activity in late 2025 and holds $1.86 per share in spillover income to address potential short-term dividend coverage gaps.