Blackstone Secured Lending Fund (BXSL)
NYSE:BXSL
Top Page
Blackstone Secured Lending Fund
(NYSE:BXSL)
Select Model
Select Model
Rating:59Neutral
Price Target:
$25.00
▲(8.08% Upside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Blackstone Secured Lending Fund (BXSL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.37B
Dividend Yield11.44%
Average Volume (3M)2.69M
Price to Earnings (P/E)10.7
Beta (1Y)0.48
Revenue Growth10.95%
EPS Growth-25.98%
CountryUS
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.80
Shares Outstanding232,279,820
10 Day Avg. Volume2,288,409
30 Day Avg. Volume2,691,983
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 Cap2.47
Enterprise Value/Revenue13.86
Enterprise Value/Gross Profit13.34
Enterprise Value/Ebitda19.55
Forecast
1Y Price Target
$26.75Price Target Upside15.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.87
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
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 ...
Blackstone Secured Lending Fund Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 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
62
Positive
Balance Sheet
64
Positive
Cash Flow
28
Negative
| 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
Negative
23.13
Price Trends
23.55
Negative
24.59
Negative
25.60
Negative
Market Momentum
-0.07
Negative
46.65
Neutral
23.20
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 23.13 is below the 20-day moving average (MA) of 23.33, below the 50-day MA of 23.55, and below the 200-day MA of 25.60, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 46.65 is Neutral, neither overbought nor oversold. The STOCH value of 23.20 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $4.78B | 10.94 | 16.94% | 7.17% | 11.60% | 9.38% | |
63 Neutral | $12.99B | 10.89 | 9.22% | 9.64% | 10.34% | -24.16% | |
59 Neutral | $5.37B | 10.71 | 9.00% | 11.44% | 10.95% | -25.98% | |
58 Neutral | $291.22M | 10.64 | 5.42% | 16.61% | -3.09% | 200.66% | |
56 Neutral | $2.84B | ― | 0.18% | 18.52% | -13.67% | -48.49% | |
51 Neutral | $5.47B | -10.33 | 783.65% | 2.17% | 92.02% | -1386.34% |
* Financial Sector Average
BXSL
Blackstone Secured Lending Fund
23.13
-1.92
-7.66%
MAIN
Main Street Capital
53.08
3.66
7.41%
PNNT
Pennantpark Investment
4.46
-0.91
-16.88%
ARCC
Ares Capital
18.09
-0.14
-0.76%
FSK
FS KKR Capital
10.13
-5.82
-36.47%
STEP
StepStone Group
45.91
-0.04
-0.09%
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.