Blackstone Secured Lending Fund (BXSL)
NYSE:BXSL
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Blackstone Secured Lending Fund
(NYSE:BXSL)
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Rating:62Neutral
Price Target:
$26.00
▲(5.39% Upside)
Action:ReiteratedDate:05/09/26
The score is primarily constrained by weaker financial quality—especially negative recent operating/free cash flow and leverage sensitivity—despite strong reported profitability. The latest earnings call was a support, citing dividend coverage, healthy portfolio metrics, and buyback optionality, while technicals remain neutral and valuation is helped by the very high dividend yield.
Positive Factors
Dividend Coverage & NII
Consistent net investment income covering the distribution (104% coverage) indicates durable cash generation from the credit portfolio, supporting the current payout policy and giving management repeated options for capital allocation without relying solely on asset sales or external equity.
Negative Factors
Weak Cash‑Flow Quality
Negative operating and free cash flow in recent periods signals variability in cash realization from investment income and timing of collections. Over a medium horizon, this constrains internal funding for distributions, buybacks or deleveraging and raises reliance on external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Dividend Coverage & NII
Consistent net investment income covering the distribution (104% coverage) indicates durable cash generation from the credit portfolio, supporting the current payout policy and giving management repeated options for capital allocation without relying solely on asset sales or external equity.
Read all positive factors
Blackstone Secured Lending Fund (BXSL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.63B
Dividend Yield11.44%
Average Volume (3M)2.64M
Price to Earnings (P/E)―
Beta (1Y)0.53
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. Volume2,594,941
30 Day Avg. Volume2,640,126
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 Cap2.37
Enterprise Value/Revenue12.85
Enterprise Value/Gross Profit11.88
Enterprise Value/Ebitda20.46
Forecast
1Y Price Target
$26.04Price Target Upside5.56% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.89
Revenue Forecast (FY)$1.39B
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:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call emphasized strong operating and portfolio fundamentals—NII covering the dividend, attractive yields, active deployment with attractive spreads, healthy EBITDA growth across the majority of portfolio companies, ample liquidity, tightened funding costs, and top-tier credit ratings. The primary negatives were concentrated unrealized markdowns (notably Medallia), a modest NAV decline, a small uptick in non-accruals, and public market valuation pressure on software that has increased headline risk. Management highlighted defensive portfolio construction, limited credit losses historically, and multiple capital allocation options (including a $250 million share repurchase program). Overall, the positive operational and credit metrics materially outweigh the contained pockets of underperformance and market-driven valuation noise.Positive Updates
Strong Quarter of Net Investment Income and Dividend Coverage
Net investment income (NII) of $186,000,000, or $0.80 per share, representing an 11.8% annualized return on equity; the $0.77 per share distribution was 104% covered by NII and implies an 11.4% annualized distribution yield on NAV.
Negative Updates
Modest NAV Decline and Concentrated Unrealized Losses
NAV per share declined to $26.92 from $27.15 (down $0.23, ~0.85%); net unrealized losses of ~$0.27 per share were concentrated (two positions ~50% of net unrealized movement; top five ~60%).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Quarter of Net Investment Income and Dividend Coverage
Net investment income (NII) of $186,000,000, or $0.80 per share, representing an 11.8% annualized return on equity; the $0.77 per share distribution was 104% covered by NII and implies an 11.4% annualized distribution yield on NAV.
Read all positive updates
Company Guidance
Management guided that BXSL expects continued active deployment and portfolio turnover into 2026, pointing to Q4 activity of $1.0B funded (second consecutive quarter), >$900M committed, $400M net funded after $629M of repayments/sales, and an annualized repayment rate accelerating to 15% (from 13% last quarter) with >$550M of potential repayments in the first six months; they reiterated a long‑term target gross leverage of 1.25x (ended Q4 at 1.3x gross / 1.25x net, 1.27x average) and said they will operate near the high end of that range while weighing capital allocation among new loans, deleveraging, or share repurchases (Board‑approved repurchase program up to $250M). Financial and balance‑sheet metrics cited as context for that guidance included Q4 net investment income of $186M ($0.80/share) covering the $0.77 distribution (104% coverage; 11.4% distribution yield on NAV), NAV $26.92 (down from $27.15), $14.2B portfolio at fair value, $8.1B outstanding debt, $6.2B net assets, $2.5B total liquidity, all‑in cost of debt 4.93% (vs. 5.24% in 2024), and credit quality metrics (top 90% EBITDA +9% LTM, interest coverage >2x, avg mark 99; bottom 10% avg mark 82); management flagged ample platform firepower (firmwide dry powder cited at >$5.04T and ~$40B of corporate dry powder) and stressed they will reassess the dividend quarterly while remaining opportunistic about buybacks, new originations, and balance‑sheet management.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
Positive
24.67
Price Trends
23.54
Positive
24.57
Positive
25.50
Negative
Market Momentum
0.24
Negative
60.60
Neutral
89.85
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BXSL, the sentiment is Positive. The current price of 24.67 is above the 20-day moving average (MA) of 23.60, above the 50-day MA of 23.54, and below the 200-day MA of 25.50, indicating a neutral trend. The MACD of 0.24 indicates Negative momentum. The RSI at 60.60 is Neutral, neither overbought nor oversold. The STOCH value of 89.85 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $4.87B | 13.22 | 15.73% | 7.17% | 16.23% | -19.30% | |
71 Outperform | $13.65B | 35.16 | 9.22% | 9.64% | 14.51% | -20.45% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $5.63B | ― | 6.64% | 11.44% | -10.53% | -39.73% | |
58 Neutral | $6.64B | -10.33 | 783.65% | 2.17% | 54.12% | -316.77% | |
56 Neutral | $3.04B | -9.10 | 0.18% | 18.52% | -6.62% | -98.12% | |
50 Neutral | $298.40M | ― | 13.35% | 16.61% | 122.81% | 43.00% |
* Financial Sector Average
BXSL
Blackstone Secured Lending Fund
24.18
-3.10
-11.35%
MAIN
Main Street Capital
54.01
3.86
7.70%
PNNT
Pennantpark Investment
4.57
-1.09
-19.33%
ARCC
Ares Capital
19.01
-0.65
-3.29%
FSK
FS KKR Capital
10.84
-6.53
-37.60%
STEP
StepStone Group
55.74
-1.18
-2.07%
Blackstone Secured Lending Fund Corporate Events
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.