Blackstone Secured Lending Fund (NYSE:BXSL) reported second-quarter net investment income of $174 million, or $0.75 per share, below its $0.77 per-share quarterly dividend. Get alerts:Net investment income represented an annualized yield of 11.4%, while the annualized distribution yield was 12.1%, according to Chief Financial Officer Teddy Desloge. The non-accrual rate fell to 1.8% of portfolio fair value and 3.6% of cost, from 3.1% and 4.7%, respectively, in the first quarter. Interest income excluding PIK income, fees and dividends accounted for more than 93% of total investment income. BXSL’s software exposure represented 19% of portfolio fair value across 70 borrowers.