Blackstone Secured Lending Fund (BXSL)
NYSE:BXSL
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Blackstone Secured Lending Fund
(NYSE:BXSL)
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Rating:56Neutral
Price Target:
$24.50
â–¼(-0.69% Downside)
Action:Reiterated
Date:05/22/26
BXSL scores in the mid-range primarily because strong reported profitability and dividend coverage are offset by weak and recently negative cash-flow generation and meaningful leverage/credit sensitivity. Technicals are also soft (below major moving averages), while valuation is mixed—high P/E but a very high dividend yield provides support.
Positive Factors
Senior-secured first-lien portfolio
High first-lien weighting and meaningful junior cushions materially lower loss severity across cycles. For a BDC focused on middle‑market credit, structural senior-secured positioning preserves recoveries and supports steady interest income and NAV resilience over the next several months.
Negative Factors
Weak cash-flow generation
Negative operating and free cash flow vs. recent positive earnings indicates timing/realization gaps. Persistent weak cash generation limits internal funding for investments or dividends, increasing dependence on borrowings or asset sales and reducing resilience if credit stress intensifies.
Read all positive and negative factors
Positive Factors
Negative Factors
Senior-secured first-lien portfolio
High first-lien weighting and meaningful junior cushions materially lower loss severity across cycles. For a BDC focused on middle‑market credit, structural senior-secured positioning preserves recoveries and supports steady interest income and NAV resilience over the next several months.
Read all positive factors
Blackstone Secured Lending Fund (BXSL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.53B
Dividend Yield11.44%
Average Volume (3M)2.39M
Price to Earnings (P/E)12.3
Beta (1Y)0.56
Revenue Growth-10.53%
EPS Growth-39.73%
CountryUS
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)1.91
Shares Outstanding232,652,010
10 Day Avg. Volume1,731,266
30 Day Avg. Volume2,394,665
Financial Highlights & Ratios
PEG Ratio-0.37
Price to Book (P/B)0.97
Price to Sales (P/S)4.76
P/FCF Ratio-13.16
Enterprise Value/Market Cap2.39
Enterprise Value/Revenue12.75
Enterprise Value/Gross Profit11.79
Enterprise Value/Ebitda20.30
Forecast
1Y Price Target
$24.83Price Target Upside0.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)2.78
Revenue Forecast (FY)$1.34B
Blackstone Secured Lending Fund Business Overview & Revenue Model
Company Description
Blackstone Secured Lending Fund is business development company and a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified closed-end investment Fund. On October 26, 2018, the fund elected to ...
How the Company Makes Money
BXSL makes money primarily from investment income generated by its credit portfolio. The key revenue stream is interest income earned on loans it holds (typically senior secured loans to portfolio companies), which may include cash-pay interest an...
Blackstone Secured Lending Fund Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call balanced clear evidence of operational resilience, strong liquidity, continued dividend coverage and strategic positioning (senior secured portfolio, low historical realized losses, AI/GPU franchise) against near-term mark-to-market pressure: a modest NAV decline, three concentrated nonaccruals and some slowdown in net new deployment/repayment turnover. Management emphasized defensive positioning, active asset management, and available capital (repayments and liquidity) to reinvest or repurchase shares, framing current weak marks as manageable within a long-term, income-driven private credit strategy.Positive Updates
Net Investment Income and Dividend Coverage
NII of $179 million or $0.77 per share in Q1, covering 100% of the quarterly dividend ($0.77). BXSL has out-earned its dividend every quarter since inception; since 2023 annualized earnings exceeded distribution yield by ~160 basis points.
Negative Updates
NAV and Portfolio Marks Declined
NAV per share declined to $26.26, down ~2.5% QoQ from $26.92. Portfolio mark declined to 96.2 from 97.3 last quarter, driven by spread widening and company-specific fundamentals (unrealized losses reduced NAV by $0.67 per share).
Read all updates
Q1-2026 Updates
Positive
Negative
Net Investment Income and Dividend Coverage
NII of $179 million or $0.77 per share in Q1, covering 100% of the quarterly dividend ($0.77). BXSL has out-earned its dividend every quarter since inception; since 2023 annualized earnings exceeded distribution yield by ~160 basis points.
Read all positive updates
Company Guidance
Management reaffirmed the quarterly dividend of $0.77 per share (NII $0.77/sh, $179M, 100% coverage) and said it will be bridged by current earnings plus ~$1.80/sh (~$410M) of undistributed NII; Q1 NAV was $26.26 (down 2.5% q/q from $26.92) with total portfolio fair value $13.9B, outstanding debt $8.1B, net assets $6.1B and total liquidity $2.3B, while the portfolio mark was 96.2 (from 97.3) and nonaccruals were 3.1% at fair value (4.7% at cost) including three new nonaccruals—Medallia (marked 60.3; 1.7% FV), Affordable Care (69.8; 0.73% FV) and Paramount (65; 0.26% FV); Q1 activity included $325M funded at a ~530 bp weighted-average spread, nearly $450M of repayments (net funded activity -$126M; annualized repayment rate 13% vs 15% last quarter and 28% a year ago) and visibility to >$600M of repayments in the next 3–4 months to be used for new investments and/or share buybacks (repurchase program up to $250M); leverage ended the quarter at 1.27x net (1.32x gross) with a 1.0–1.25x target range, $10.2B committed debt capacity, 56% of funded debt unsecured/44% secured, ABL drawn $1.7B (WAD spread SOFR+1.84), revolver increased to $2.5B, CLOs ~$450M (SOFR+154), unsecured bonds $4.5B (incl. $2.0B not swapped, WAC 2.58%; $400M 3.5y at 5.25%), and an all-in cost of debt of 4.9% (down from 5.09% in Q1 2025); management expects repayment activity to continue, plans to manage leverage within target, will finalize Medallia’s restructuring in the coming months, and will reassess the dividend and capital allocation each quarter.Blackstone Secured Lending Fund Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
63
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.04B | 1.27B | 1.05B | 874.72M | 584.09M | 587.46M |
| Gross Profit | 1.12B | 995.39M | 731.26M | 618.74M | 386.65M | 472.46M |
| EBITDA | 650.44M | 95.78M | 708.62M | 628.75M | 405.94M | 462.86M |
| Net Income | 438.89M | 563.46M | 694.10M | 611.95M | 404.56M | 460.42M |
Balance Sheet | ||||||
| Total Assets | 14.44B | 14.66B | 13.47B | 10.13B | 9.91B | 10.18B |
| Cash, Cash Equivalents and Short-Term Investments | 351.28M | 289.61M | 229.61M | 154.86M | 131.27M | 102.88M |
| Total Debt | 8.03B | 8.08B | 7.06B | 4.91B | 5.53B | 5.50B |
| Total Liabilities | 8.34B | 8.41B | 7.40B | 5.18B | 5.75B | 5.73B |
| Stockholders Equity | 6.10B | 6.25B | 6.08B | 4.95B | 4.16B | 4.45B |
Cash Flow | ||||||
| Free Cash Flow | -634.06M | -458.66M | -2.53B | 458.81M | 672.95M | -3.83B |
| Operating Cash Flow | -634.06M | -458.66M | -2.53B | 458.81M | 672.95M | -3.83B |
| Investing Cash Flow | -287.10M | -1.04B | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 36.28M | 530.61M | 2.60B | -432.16M | -648.18M | 3.71B |
Blackstone Secured Lending Fund Technical Analysis
Negative
24.67
Price Trends
23.84
Negative
23.96
Negative
24.76
Negative
Market Momentum
-0.12
Positive
41.63
Neutral
51.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BXSL, the sentiment is Negative. The current price of 24.67 is above the 20-day moving average (MA) of 23.78, above the 50-day MA of 23.84, and below the 200-day MA of 24.76, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 41.63 is Neutral, neither overbought nor oversold. The STOCH value of 51.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BXSL.
Blackstone Secured Lending Fund Risk Analysis
Blackstone Secured Lending Fund disclosed 106 risk factors in its most recent earnings report. Blackstone Secured Lending Fund reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Blackstone Secured Lending Fund Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $4.80B | 10.78 | 14.32% | 7.17% | 16.23% | -19.30% | |
68 Neutral | $13.62B | 11.66 | 8.11% | 9.64% | 14.51% | -20.45% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
56 Neutral | $5.53B | 12.31 | 7.05% | 11.44% | -10.53% | -39.73% | |
54 Neutral | $3.05B | -5.50 | -9.39% | 18.52% | -38.13% | -203.38% | |
54 Neutral | $5.50B | -6.54 | 245.82% | 2.17% | 69.89% | -184.51% | |
50 Neutral | $259.23M | 18.01 | 0.01% | 16.61% | 122.81% | 43.00% |
* Financial Sector Average
BXSL
Blackstone Secured Lending Fund
23.26
-4.84
-17.24%
MAIN
Main Street Capital
50.71
-2.01
-3.81%
PNNT
Pennantpark Investment
3.89
-1.76
-31.13%
ARCC
Ares Capital
18.68
-1.29
-6.45%
FSK
FS KKR Capital
10.80
-7.04
-39.45%
STEP
StepStone Group
43.63
-11.46
-20.80%
Blackstone Secured Lending Fund Corporate Events
Private Placements and Financing
Blackstone Secured Lending Fund Issues New Senior Notes
Positive
May 21, 2026
On May 21, 2026, Blackstone Secured Lending Fund entered into an Eleventh Supplemental Indenture with U.S. Bank Trust Company to issue $650 million of 5.900% notes due May 21, 2031, as an unsecured senior obligation alongside its existing debt str...
Private Placements and FinancingRegulatory Filings and Compliance
Blackstone Secured Lending Fund Completes $400 Million Notes Offering
Positive
Mar 3, 2026
On March 3, 2026, Blackstone Secured Lending Fund closed a $400 million issuance of 5.250% notes due September 4, 2029, under a Tenth Supplemental Indenture with U.S. Bank Trust Company, National Association, as trustee. The notes, which pay inter...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.