Want to see BXSL full AI Analyst Report?
Top Page
Blackstone Secured Lending Fund
(NYSE:BXSL)
Select Model
Select Model
Rating:63Neutral
Price Target:
$26.00
â–²(4.71% Upside)
Action:Reiterated
Date:08/17/26
The score is mainly held back by financial quality concerns—especially highly volatile operating/free cash flow and TTM earnings/margin compression, alongside meaningful leverage. Offsetting factors include constructive technical trend, strong income appeal from the ~12.5% dividend yield, and generally positive earnings-call fundamentals (liquidity and credit positioning) despite NAV/mark pressure and dividend coverage headwinds.
Positive Factors
Senior-Secured Credit Quality
The strong first-lien mix and Blackstone Credit's long-term low loss experience provide structural downside protection. Senior security improves recovery prospects and supports capital preservation through varied middle-market credit conditions.
Negative Factors
Dividend Coverage Pressure
Current investment income does not fully cover the distribution, with the gap dependent on undistributed earnings. The planned reset indicates that sustainable earnings power may be below the recent dividend level.
Read all positive and negative factors
Positive Factors
Negative Factors
Senior-Secured Credit Quality
The strong first-lien mix and Blackstone Credit's long-term low loss experience provide structural downside protection. Senior security improves recovery prospects and supports capital preservation through varied middle-market credit conditions.
Read all positive factors
Blackstone Secured Lending Fund (BXSL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.78B
Dividend Yield12.35%
Average Volume (3M)1.63M
Price to Earnings (P/E)19.6
Beta (1Y)0.55
Revenue Growth-14.94%
EPS Growth-55.20%
CountryUS
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)1.27
Shares Outstanding232,970,060
10 Day Avg. Volume1,453,757
30 Day Avg. Volume1,627,096
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$24.25Price Target Upside-2.34% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.82
Revenue Forecast (FY)$1.29B
Blackstone Secured Lending Fund Business Overview & Revenue Model
Company Description
Blackstone Secured Lending Fund (BXSL) is a Delaware statutory trust, established on March 26, 2018, that operates as an externally managed, non-diversified closed-end investment fund. On October 26, 2018, it formally became regulated as a Busines...
How the Company Makes Money
BXSL makes money primarily by earning interest income and related fees from the loans and other credit investments it holds, net of its operating costs and financing costs. (1) Interest income: The largest revenue driver is coupon interest paid by...
Blackstone Secured Lending Fund Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and liquidity fundamentals — high NII yields, significant repayment activity (21% annualized), disciplined deployments with wider spreads, low historical loss rates, and diversified funding. Offsetting these positives were NAV and mark declines driven largely by market spread widening, a concentrated bottom 10% of the portfolio marked at ~70%, and a small shortfall of NII vs. the current dividend covered by undistributed earnings. Management highlighted proactive asset management, restructuring experience, and ample liquidity to navigate the issues. On balance the positives (liquidity, repayment-driven flexibility, yield, conservative credit profile) outweigh the contained but notable credit and mark headwinds.Positive Updates
Strong Net Investment Income and Yields
Net investment income (NII) of $0.75 per share for Q2, representing an 11.4% annualized NII yield; maintained dividend at $0.77 per share and a 12.1% annualized distribution yield.
Negative Updates
NAV Decline and Mark-to-Market Losses
Net asset value per share declined to $25.53, down ~2.8% quarter-over-quarter, driven primarily by $0.59 of unrealized net losses; total portfolio mark declined to 95.2% from 96.2% last quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Net Investment Income and Yields
Net investment income (NII) of $0.75 per share for Q2, representing an 11.4% annualized NII yield; maintained dividend at $0.77 per share and a 12.1% annualized distribution yield.
Read all positive updates
Company Guidance
Management said it remains constructive on deal activity and will selectively deploy capital while transitioning to a lower long‑term dividend, using excess earnings near‑term as a bridge: Q2 NII was $0.75/sh (11.4% annualized NII yield) versus a maintained dividend of $0.77/sh (12.1% distribution yield) with $1.77 of undistributed earnings. They expect repayment‑driven liquidity (Q2 repayments >$700M, a 21% annualized repayment rate vs. 13% in Q1 and 5% a year ago) to create capacity to deploy (BXSL funded >$300M in Q2, +5 borrowers to 313) or repurchase shares under a $250M plan, while targeting leverage of 1.0–1.25x (ended Q2 at 1.25x net, 1.28x gross) and preserving $2.8B of total liquidity. Funding flexibility and cost remain strong ( $10.4B committed capacity; $7.6B funded debt; 68% unsecured/32% secured; all‑in cost of debt 5.05%; revolver SOFR+153; ABL drawn $679M at SOFR+186; CLOs $450M at SOFR+154; $5.2B bonds outstanding, incl. $650M 5‑yr at 205bps/5.9% coupon). Portfolio metrics supporting the guidance: $13.4B portfolio at fair value, NAV $25.53 (‑2.8% q/q), portfolio mark 95.2% (bottom 10% at 70%), ~97% first‑lien senior secured, LTM EBITDA +7% YoY, interest coverage ~2.1x, PIK ~6.6% of investment income, and nonaccruals 1.8% FV; management emphasized proactive workouts (38 amendments in Q2; >97% benign) and BXCI’s <10 bps long‑term loss rate.Blackstone Secured Lending Fund Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
61
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.06B | 1.27B | 1.05B | 874.72M | 584.09M | 587.46M |
| Gross Profit | 1.19B | 995.39M | 731.26M | 618.74M | 386.65M | 472.46M |
| EBITDA | 749.58M | 947.96M | 708.62M | 628.75M | 405.94M | 462.86M |
| Net Income | 293.34M | 563.46M | 694.10M | 611.95M | 404.56M | 460.42M |
Balance Sheet | ||||||
| Total Assets | 13.79B | 14.66B | 13.47B | 10.13B | 9.91B | 10.18B |
| Cash, Cash Equivalents and Short-Term Investments | 267.15M | 289.61M | 229.61M | 154.86M | 131.27M | 102.88M |
| Total Debt | 7.54B | 8.08B | 7.06B | 4.91B | 5.53B | 5.50B |
| Total Liabilities | 7.85B | 8.41B | 7.40B | 5.18B | 5.75B | 5.73B |
| Stockholders Equity | 5.94B | 6.25B | 6.08B | 4.95B | 4.16B | 4.45B |
Cash Flow | ||||||
| Free Cash Flow | 147.96M | -458.66M | -2.53B | 458.81M | 672.95M | -3.83B |
| Operating Cash Flow | 147.96M | -458.66M | -2.53B | 458.81M | 672.95M | -3.83B |
| Investing Cash Flow | -413.22M | -1.04B | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -135.72M | 530.61M | 2.60B | -432.16M | -648.18M | 3.71B |
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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $14.31B | 14.74 | 6.78% | 10.22% | 10.38% | -34.10% | |
76 Outperform | $5.47B | 11.78 | 14.81% | 8.04% | 3.49% | -18.26% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $5.78B | 19.62 | 4.78% | 13.25% | -14.94% | -55.20% | |
61 Neutral | $3.33B | -9.01 | -6.65% | 21.64% | -35.39% | -272.02% | |
60 Neutral | $248.78M | 23.81 | <0.01% | 29.18% | 138.32% | -27.91% | |
53 Neutral | $6.01B | -6.45 | 156.73% | 3.41% | 51.09% | -150.23% |
* Financial Sector Average
BXSL
Blackstone Secured Lending Fund
24.74
-1.62
-6.16%
MAIN
Main Street Capital
58.59
-2.48
-4.07%
PNNT
Pennantpark Investment
3.74
-2.16
-36.64%
ARCC
Ares Capital
19.88
-0.31
-1.53%
FSK
FS KKR Capital
12.23
-2.87
-19.00%
STEP
StepStone Group
50.20
-10.58
-17.41%
Blackstone Secured Lending Fund Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Blackstone Secured Lending Fund Extends Key Credit Facilities
Positive
Aug 12, 2026
On August 10, 2026, Blackstone Secured Lending Fund amended its senior secured credit agreement with Citibank, N.A., extending the period during which it can draw on certain revolving commitments from August 4, 2029 to August 10, 2030 and pushing ...
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...
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.