Blackstone Secured Lending Fund (BXSL) AI Stock Analysis

• Market Cap: $5.62B
• Dividend Yield: 11.44%
• Average Volume (3M): 2.53M
• Price to Earnings (P/E): 9.7
• Beta (1Y): 0.53
• Revenue Growth: 10.95%
• EPS Growth: -25.98%
• Country: US
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.80
• Shares Outstanding: 232,279,820
• 10 Day Avg. Volume: 3,025,607
• 30 Day Avg. Volume: 2,531,175
• 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 Cap: 2.39
• Enterprise Value/Revenue: 14.02
• Enterprise Value/Gross Profit: 13.49
• Enterprise Value/Ebitda: 19.77
• 1Y Price Target: $27.00
• Price Target Upside: 11.62% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 2.9
• Revenue Forecast (FY): $1.39B

• Rating: 59 Neutral
• Price Target: $25.00 ▲(3.35% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held back primarily by uneven cash generation and material inconsistencies in the latest (2025) financial statement line items, plus a bearish technical trend (price below key moving averages with negative MACD). Offsetting factors are an attractive valuation profile (low P/E and high dividend yield) and a generally positive earnings-call backdrop with dividend coverage, solid liquidity, and contained credit issues.

Positive Factors

Dividend coverage via net investment income

Sustained NII that covers the dividend (104% coverage) supports the core BDC cash-return model and reduces probability of distribution cuts. Reliable cash earnings provide durable investor income, enabling predictable payout policy and optionality for reinvestment or buybacks over the medium term.

Scale and portfolio diversification

A large, diversified portfolio across 316 companies and 40 industries lowers idiosyncratic risk and enhances stable interest income. Scale improves sourcing and risk selection, letting BXSL deploy capital consistently and smooth returns across cycles, supporting durable income generation.

Liquidity and funding flexibility

Ample liquidity ($2.5B), improved funding costs and investment‑grade credit ratings provide durable financial flexibility to withstand repayment waves, opportunistically originate loans, or manage maturities. This reduces refinancing risk and supports stable portfolio financing over months.

Negative Factors

Weak and volatile cash generation

Repeated negative operating and free cash flows in several recent years undermine intrinsic cash conversion for a yield‑focused BDC. Over time this can force reliance on debt, asset sales, or equity to fund distributions, constraining capital allocation and increasing funding risk.

Concentrated unrealized losses (Medallia)

Concentrated markdowns (notably Medallia) create NAV volatility and indicate pockets of issuer stress. Significant single-name exposure can amplify mark‑to‑market swings, complicate valuation realization and capital allocation, and raise the risk of future realized losses if restructurings occur.

2025 reporting inconsistencies

Inconsistent 2025 financial entries (zeros for revenue, net income, debt) reduce transparency and hinder assessment of leverage and earnings trends. Persistent reporting anomalies increase uncertainty about current risk metrics and impair investors' ability to evaluate sustainable credit and liquidity positions.

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 be regulated as a business development company (BDC) under the Investment Company Act of 1940, as amended (the 1940 Act). In addition, the Fund elected to be treated for U.S. federal income tax purposes, as a regulated investment company (RIC), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). The fund also intends to continue to comply with the requirements prescribed by the Code in order to maintain tax treatment as a RIC. The fund's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to achieve its investment objective primarily through originated loans, equity and other securities, including syndicated loans, of private U.S. companies, specifically small and middle market companies, typically in the form of first lien senior secured and unitranche loans (including first out/last out loans), and to a lesser extent, second lien, third lien, unsecured and subordinated loans and other debt and equity securities.

How the Company Makes Money

Blackstone Secured Lending Fund makes money primarily through interest income and fees associated with its lending activities. The company generates revenue by providing secured loans to middle-market companies, which pay interest on the borrowed amounts. Additionally, BXSL may earn income through origination fees, prepayment penalties, and other loan-related charges. The company's financial performance is largely influenced by the credit quality of its portfolio, interest rate trends, and macroeconomic conditions. Partnerships and networks established by Blackstone Credit enhance BXSL's ability to source attractive investment opportunities, contributing to its revenue generation.

Blackstone Secured Lending Fund Financial Statement Overview

Summary

Income statement and balance sheet scores are mid‑60s on strong profitability and a growing asset base, but cash flow is weak (score 28) with multiple years of negative operating/free cash flow. Several 2025 line items (revenue, net income, and debt shown as zero) are inconsistent with prior years, reducing confidence in the latest-period fundamentals based on the provided data.

Income Statement

Revenue expanded strongly from 2020–2024 (with especially large jumps in 2021 and 2023) and profitability looks consistently high in the years with complete margin data (2021–2024 net profit margins roughly in the mid‑60% to high‑70% range). However, the 2025 annual report shows revenue and net income recorded as zero (with a -100% revenue growth rate), which creates a major discontinuity versus prior years and reduces confidence in the latest-period earnings trajectory based on the provided data.

Balance Sheet

The company has built a larger asset base over time (assets rising from about $6.0B in 2020 to about $13.5B in 2024, and $14.7B in 2025). Leverage is meaningful but not extreme for the profile, with debt-to-equity around ~1.0–1.33 during 2021–2024, and returns on equity have been steady around ~10–12% in 2021–2024. A key weakness is that 2025 shows total debt as zero despite the large asset base, which is inconsistent with prior years and makes latest-period balance-sheet risk harder to assess from this dataset.

Cash Flow

Cash generation is volatile and often negative: operating cash flow was deeply negative in 2020, 2021, and 2024, and remains negative in 2025, with free cash flow tracking the same pattern. While 2022 and 2023 show positive operating and free cash flow, the large swing back to negative cash flow in 2024 and continued negative in 2025 is a material concern for sustainability and financial flexibility based on the provided figures.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.27B	1.05B	874.72M	584.09M	587.46M
Gross Profit	995.39M	731.26M	618.74M	386.65M	472.46M
EBITDA	95.78M	708.62M	628.75M	405.94M	462.86M
Net Income	563.46M	694.10M	611.95M	404.56M	460.42M
Balance Sheet
Total Assets	14.66B	13.47B	10.13B	9.91B	10.18B
Cash, Cash Equivalents and Short-Term Investments	289.61M	229.61M	154.86M	131.27M	102.88M
Total Debt	8.08B	7.06B	4.91B	5.53B	5.50B
Total Liabilities	8.41B	7.40B	5.18B	5.75B	5.73B
Stockholders Equity	6.25B	6.08B	4.95B	4.16B	4.45B
Cash Flow
Free Cash Flow	-458.66M	-2.53B	458.81M	672.95M	-3.83B
Operating Cash Flow	-458.66M	-2.53B	458.81M	672.95M	-3.83B
Investing Cash Flow	-1.04B	0.00	0.00	0.00	0.00
Financing Cash Flow	530.61M	2.60B	-432.16M	-648.18M	3.71B

Blackstone Secured Lending Fund Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 24.19
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 24.19 is below the 20-day moving average (MA) of 24.50, below the 50-day MA of 25.67, and below the 200-day MA of 27.76, indicating a bearish trend. The MACD of -0.46 indicates Negative momentum. The RSI at 44.66 is Neutral, neither overbought nor oversold. The STOCH value of 59.64 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 Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MAIN	65 Neutral	$5.19B	10.29	17.04%	7.17%	11.60%	9.38%
ARCC	63 Neutral	$13.63B	10.02	9.39%	9.64%	10.34%	-24.16%
BXSL	59 Neutral	$5.62B	9.71	9.15%	11.44%	10.95%	-25.98%
PNNT	59 Neutral	$331.70M	12.70	5.38%	16.61%	-3.09%	200.66%
FSK	56 Neutral	$3.04B	274.81	0.18%	18.52%	-13.67%	-48.49%
STEP	51 Neutral	$5.28B	―	―	2.17%	92.02%	-1386.34%

Blackstone Secured Lending Fund Corporate Events

Blackstone Secured Lending Fund Completes $400 Million Notes Offering

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 interest semi-annually starting September 4, 2026, were sold under an effective shelf registration and can be redeemed by the fund at specified prices.

The unsecured notes rank senior to expressly subordinated debt, pari passu with other unsubordinated unsecured obligations, and effectively junior to secured and subsidiary-level indebtedness, shaping the fund’s capital structure and creditor hierarchy. The indenture also imposes asset coverage and reporting-related covenants and requires a change-of-control repurchase offer at par plus accrued interest, providing added protections for noteholders.

The most recent analyst rating on (BXSL) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on Blackstone Secured Lending Fund stock, see the BXSL Stock Forecast page.