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Blackstone Secured Lending Fund

BXSL Financial Asset Management

Blackstone Secured Lending Fund’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 6.94% from fiscal 2024.

Revenue
−12.1%
EPS
−12.3%
Free cash flow
+210.8%
Total debt
−8.11%

Quarter to September 2026, against a year earlier

24.28 0.11 +0.46%
Market cap
$5.6B
P/E
20.1×
Fwd P/E
14.3×
Dividend yield
12.8%
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 12.81%

Capital & Financial Ratios $m

Size
Market Cap 5,630.00
Revenue ttm 1,318.95
Net income ttm 277.74
Free cash flow ttm 1,059.91
Net debt Q (6,052.74)
Valuation
P/E 20.12
Forward P/E 14.30
Price / sales 4.26
Forward P/S Powerpack
Price / FCF 5.30
Price / book 0.96
Financial health
Current ratio Q 0.00
Debt / equity Q 1.20
Interest coverage Q 2.60
Growth
Revenue growth Q −12.10% (below 0%: shrinking)
Operating income growth Q −16.54% (below 0%: shrinking)
EPS, this year −12.30% (below 0%: weak)
EPS, next year A −10.62% (below 0%: weak)
Revenue, next year A −9.65% (below 0%: weak)
EPS, past 5 yrs +1.41%
EPS, next 5 yrs A −8.68% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 99.92%
10-year low 10-year high
P/S against its own 10 years 23.91%
10-year low 10-year high
P/B against its own 10 years 26.80%
10-year low 10-year high

Dividends

Yield
12.8%
Annual rate
3.08
Payout ratio
256.7%
Growth, 2021–25
+55.3%/yr
  1. 0.53 ’21
  2. 2.26 ’22 +326
  3. 2.94 ’23 +30
  4. 3.08 ’24 +5
  5. 3.08 ’25 +0
  6. 3.02 ’26e −2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 10,023 13,322 14,497 13,089
Receivables — — — —
Inventory — — — —
Other — — — —
10,023 13,322 14,497 13,089
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt 4,912 7,056 8,080 7,036
Other 226 271 272 —
5,183 7,395 8,411 —

Compound Annual Growth %

10y 5y 3y
Sales — 29.50% 18.61%
Cash Flow — 0.00% 0.00%
Earnings — 20.84% 11.68%
Book Value — 13.83% 14.51%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.67 Actual 0.68

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.79 0.80 Beat by 0.01
Q1 FY26 0.75 0.77 Beat by 0.02
Q2 FY26 0.66 0.75 Beat by 0.09
Q3 FY26 0.67 0.68 Beat by 0.01
Q4 FY26 0.66 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.11 0.04 0.50 — —
’25 0.66 0.68 0.57 0.55 2.46
’24 0.96 1.01 0.75 0.75 3.45
’23 0.86 0.90 1.01 0.88 3.65
’22 0.63 0.47 0.58 0.76 2.44
’21 0.86 0.87 0.74 0.73 3.19
’20 — — — — 2.29
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 325 320 315 — —
’25 358 345 359 358 1,419
’24 304 327 343 353 1,327
’23 265 290 284 304 1,144
’22 186 187 227 251 850
’21 131 135 167 192 625
’20 — — — — 390
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 249 561 479 — —
’25 425 (221) (433) (230) (459)
’24 (396) (709) (518) (904) (2,526)
’23 156 521 (90) (128) 459
’22 (19) 36 488 168 673
’21 (299) (1,216) (924) (1,389) (3,829)
’20 — — — 0 (2,320)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 249 561 479 — —
’25 425 (221) (433) (230) (459)
’24 (396) (709) (518) (904) (2,526)
’23 156 521 (90) (128) 459
’22 (19) 36 488 168 673
’21 (299) (1,216) (924) (1,389) (3,829)
’20 — — — 0 (2,320)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — 148 390 625 850 1,144 1,327 1,419 1,319 +45.7% 1,282 1,285 1,210 (5.2%)
Gross margin, % — — — 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT — — — 106 219 460 405 612 694 563 278 +32.1%
EBT margin, % — — — 71.74 56.11 73.70 47.58 53.51 52.31 39.71 21.06 (32.0) pt
Net income — 0 — 106 219 460 405 612 694 563 278 n/m
Per share, $
Per share, $ Revenue — — 0.00 4.37 4.09 4.32 5.12 6.82 6.59 6.19 5.66 n/m
Earnings — — — 3.14 2.29 3.19 2.44 3.65 3.45 2.46 1.20 (4.0%)
Cash flow — — 0.00 (75.56) (24.34) (26.49) 4.05 2.74 (12.55) (2.00) 4.55 n/m
Capex — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow — — 0.00 (75.56) (24.34) (26.49) 4.05 2.74 (12.55) (2.00) 4.55 n/m
Book value — — 0.00 0.00 34.28 30.78 25.04 29.54 30.18 27.25 25.26 n/m
Shares, m — — 7 34 95 145 166 168 201 229 232 +63.1%
Valuation, ×
Valuation, × P/E — — — 10.62 10.62 10.62 9.16 7.64 9.31 10.70 20.12 9.8
P/S — — — 0.00 0.00 9.03 4.37 4.09 4.90 4.25 4.26 3.8
P/B — — — 1.25 1.25 1.27 0.89 0.94 1.07 0.97 0.96 1.1
EV/Sales — — — 0.00 0.00 1.89 (0.60) (0.38) 0.18 (0.27) — 0.1
EV/FCF — — — (0.32) (0.32) (0.31) (0.76) (0.96) (0.10) 0.83 — (0.3)
Cash, $m
Cash, $m Operating cash flow — — — (2,558) (2,320) (3,829) 673 459 (2,526) (459) 1,060 (24.9%)
Capex — — — — — — — — — — — —
Free cash flow — — — (2,558) (2,320) (3,829) 673 459 (2,526) (459) 1,060 (24.9%)
Balance, $m
Balance, $m Working capital — — — — 3,121 4,228 3,998 4,841 5,927 6,086 13,089 +14.3%
Net debt — — — — (3,304) (4,460) (4,221) (5,111) (6,266) (6,417) (6,053) +14.2%
Shareholders’ equity — — — — 3,268 4,447 4,159 4,952 6,077 6,245 5,884 +13.8%
Returns, %
Returns, % ROA — — — 0.00 7.35 5.71 4.03 6.11 5.88 4.01 2.02 +4.0 pt
ROIC — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE — — — 0.00 5.67 11.94 9.40 13.43 12.59 9.15 4.57 +9.2 pt
People
People Employees — — — — — 433 518 — — — — +19.6%
Revenue/emp, $m — — — 0.00 0.00 1.44 1.64 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Blackstone Secured Lending Fund vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VCTR Victory Capital Holdings, Inc. $7.0B 20.5× 18.0× +9.79% (above 0%: growing) 0.00% +34.94% (above 0%: growing) 100.00% 34.73% Compare
BXSL Blackstone Secured Lending Fund $5.6B 20.1× 14.3× −12.10% (below 0%: shrinking) −12.28% (below 0%: shrinking) +210.81% (above 0%: growing) 100.00% 81.57%
OBDC Blue Owl Capital Corporation $5.3B 15.9× 14.2× −13.47% (below 0%: shrinking) +48.00% (above 0%: growing) +147.77% (above 0%: growing) 100.00% 75.02% Compare
MAIN Main Street Capital Corporation $5.3B 11.5× 13.3× +3.89% (above 0%: growing) +15.33% (above 0%: growing) +13.70% (above 0%: growing) 100.00% 87.20% Compare
STEP StepStone Group Inc. $5.2B — (loss-making) 3.9× +4.01% (above 0%: growing) n/m −1,113.70% (below 0%: shrinking) 100.00% (54.06%) Compare
HASI HA Sustainable Infrastructure Capital, Inc. $5.1B 60.4× 24.0× +40.97% (above 0%: growing) +25.00% (above 0%: growing) −14.48% (below 0%: shrinking) 100.00% 80.56% Compare
HLNE Hamilton Lane Inc. $5.0B 10.6× 11.3× +7.10% (above 0%: growing) +111.53% (above 0%: growing) +130.39% (above 0%: growing) 100.00% 42.23% Compare
FHI Federated Hermes, Inc. $4.7B 11.6× 10.4× +8.07% (above 0%: growing) +11.94% (above 0%: growing) +18.31% (above 0%: growing) 100.00% 30.22% Compare
OTF Blue Owl Technology Finance Corp. $4.4B 12.2× 20.5× +5.80% (above 0%: growing) −4.00% (below 0%: shrinking) +14.45% (above 0%: growing) 100.00% 0.00% Compare
Median of peers $5.1B 12.2× 13.8× +6.45% +15.33% +16.38% 100.00% 38.48%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 29 June 2026

Ownership

Directors and executive officers, together less than 1%
QIA FIG Glass Holding Limited 5.90%
Greenwich Venture Capital LLC 5.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Blackstone Secured Lending Fund (BXSL) Latest News

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7 May

Impact 4 ·
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18 Mar

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26 Feb

Impact 3 · · GuruFocus.com

25 Feb

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Impact 4 · · ZacksZacksZacksZacks

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30 Jan

Impact 3 · · Business Wire
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29 Jan

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20 Nov

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10 Nov

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BXSL metrics, ten years each

stockrow.com/BXSL · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com