Blackstone Secured Lending Fund BXSL

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 23.67 USD on Nov 2, 2026, −1.1% year to date

Quant rating

Quant rating C Rank 449 of 799 in Financials

Growth C 355 of 799
Valuation D 700 of 799
Quality B 228 of 799
Revisions B 243 of 799
Momentum D 625 of 799

Wall Street consensus Buy (2.50)Average target 24.70 USD +4.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.5B
Enterprise value: 12.9B
52-week range: 22.47 – 28.58
3-year range: 22.47 – 34.50
Dividend yield: 13.22%
Beta (5 years): 0.46
Shares outstanding: 233M
Next earnings: Nov 4, 2026

About the company

Blackstone Secured Lending Fund is an externally managed, non-diversified, closed-end management investment company. The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. It invests at least 80% of its total assets in secured debt investments. The Company seeks to achieve its investment objectives primarily through originated loans and other securities, including syndicated loans, of private U.S. 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. It invests across various sectors, which include aerospace and defense, air freight and logistics, building products, commercial services and supplies, healthcare providers and services and others. The Company is externally managed by Blackstone Credit BDC Advisors LLC.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,419	1,327	1,144	850	625	–
Revenue growth	6.9%	16.0%	34.5%	36.1%	60.3%	29.5%
EPS (basic, normalized)	3.22	3.51	3.90	2.91	1.64	–
EPS growth	−8.3%	−10.0%	34.0%	77.4%	–	–
Gross margin	54.2%	55.2%	59.9%	58.6%	58.3%	57.3%
Net margin	39.7%	52.3%	53.5%	47.6%	73.7%	53.4%
ROE	–	12.8%	12.6%	11.2%	9.1%	11.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	183
Current ratio	–
Long-term debt (mil)	7,536
Net debt (mil)	7,353
Total equity (mil)	5,939
Net debt / equity	1.24x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	1,419	+6.9%	9.1x	26.92	−1.9%	0.9x	3.22	−8.3%	7.4x
2026	1,291	−9.0%	10.0x	25.43	−5.6%	0.9x	2.83	−12.1%	8.4x
2027	1,282	−0.7%	10.0x	25.41	−0.1%	0.9x	2.55	−9.8%	9.3x
2028	1,210	−5.6%	10.6x	25.65	+1.0%	0.9x	2.40	−6.0%	9.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,291	0.0%	−1.2%	−6.6%	2.83	−0.6%	+2.9%	−1.6%
2027	1,282	0.0%	−2.4%	−7.1%	2.55	−1.0%	+0.1%	−6.6%
2028	1,210	0.0%	−4.5%	−5.8%	2.40	+1.8%	−0.8%	−8.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	304	327	343	334	358	324	359	358	325	320
Sales mean (mil)	309	317	339	345	358	351	358	360	353	328
Surprise	−1.6%	+3.2%	+1.3%	−3.3%	+0.1%	−7.5%	+0.1%	−0.6%	−7.9%	−2.4%
EPS reported	0.87	0.89	0.91	0.84	0.83	0.77	0.82	0.80	0.77	0.75
EPS mean	0.92	0.90	0.89	0.85	0.82	0.79	0.78	0.79	0.74	0.66
Surprise	−5.6%	−1.4%	+1.7%	−1.4%	+1.7%	−2.7%	+4.6%	+1.8%	+4.2%	+13.6%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BXSL Blackstone Secured Lending Fund	5.5B	–	39.7%	0.93x	8.4x	9.3x	–	–
ARCC Ares Capital Corp	14.0B	–	42.6%	1.01x	10.3x	10.0x	–	–
VCTR Victory Capital Holdings, Inc.	7.1B	1.32x	20.7%	2.96x	14.2x	12.0x	9.1x	7.0x
MAIN Main Street Capital Corp	5.3B	–	87.1%	1.66x	15.0x	14.6x	–	–
OBDC Blue Owl Capital Corp	5.2B	–	33.9%	0.74x	8.1x	8.1x	–	–
OTF Blue Owl Technology Finance Corp	4.5B	–	62.9%	0.59x	16.2x	6.9x	–	–
Mean		1.32x	47.8%	1.31x	12.0x	10.1x	9.1x	7.0x
Median		1.32x	41.1%	0.97x	12.3x	9.6x	9.1x	7.0x

Technical analysis

1M+0.3%
3M+5.8%
1Y+1.4%
3Y+18.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Blackstone Secured Lending Fund, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,419	1,327	1,144	850	625	390
Cost of revenue	649	594	458	352	260	138
Gross profit	769	733	685	498	364	252
Selling, general & administrative expenses	13.4	10.9	14.4	13.0	10.1	8.4
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	3.0
Operating income	756	722	671	485	354	240
Net interest income (expense)	−174	−11.8	−42.0	−79.2	109	−20.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	582	710	629	406	463	219
Provision for taxes	19.0	16.2	16.8	1.4	2.4	0.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	563	694	612	405	460	219
Extraordinary items	–	–	–	–	–	–
Net income	563	694	612	405	460	219
EBIT, normalized	756	722	671	485	354	240
EBITDA, normalized	–	–	–	–	–	–
Basic EPS, normalized	3.22	3.51	3.90	2.91	1.64	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Blackstone Secured Lending Fund, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	290	230	155	131	103	218
Receivables	14.5	12.2	1.3	49.3	143	118
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	–	–	–	–	–	–
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	14,207	13,093	9,868	9,617	9,855	5,586
Note receivable	106	112	93.6	97.9	62.7	21.5
Other long-term assets	343	268	173	194	260	343
Total assets	14,656	13,472	10,135	9,909	10,178	5,951
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	82.7	71.5	52.7	46.1	42.2	15.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	8,080	7,056	4,912	5,528	5,499	2,500
Minority interest	–	–	–	–	–	–
Other liabilities	331	340	271	222	231	183
Total liabilities	8,411	7,396	5,183	5,750	5,730	2,683
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.2	0.2	0.2	0.2	0.2	0.1
Additional paid-in capital	6,048	5,750	4,702	4,033	4,245	3,233
Retained earnings (accumulated deficit)	197	327	250	126	202	35.1
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	6,245	6,077	4,952	4,159	4,447	3,268
Total liabilities & shareholders' equity	14,656	13,472	10,135	9,909	10,178	5,951

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Blackstone Secured Lending Fund, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	563	694	612	405	460	219
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	30.5	−77.5	−28.8	11.4	−174	−30.1
Changes in working capital	−1,053	−3,143	−124	257	−4,115	−2,509
Cash from operations	−459	−2,526	459	673	−3,829	−2,320
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	–	–	–	–	–	–
Cash from investing	–	–	–	–	–	–
Financing activities
Financing cash flow items	−7.3	−16.6	−8.6	−268	−267	−154
Cash dividends paid	−678	−583	−438	−423	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,216	3,202	14.4	43.7	3,980	2,627
Cash from financing	531	2,602	−432	−648	3,713	2,473
Foreign exchange effects	−12.0	−1.1	−3.1	3.6	–	–
Net change in cash	60.0	74.7	23.6	28.4	−115	152
Free cash flow	−459	−2,526	459	673	−3,829	−2,320

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.