stockrowBlackstone 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
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Blackstone Secured Lending Fund (BXSL) Net margin
Blackstone Secured Lending Fund's net margin over the twelve months to 30 September 2026 was 21.1%, down 18.6 percentage points from fiscal 2025 (39.7%). Over the past ten years it has ranged from 39.7% (fiscal 2025) to 73.7% (fiscal 2021) — the current reading is the lowest in ten years. That is above the Asset Management industry median of 11.9% and above the Financial sector median of 14.3%.
Net margin, annual
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Annual newest first
| Period | Net margin | Change (points) |
|---|---|---|
| FY2025 | 39.7% | (12.60) |
| FY2024 | 52.3% | (1.20) |
| FY2023 | 53.5% | 5.93 |
| FY2022 | 47.6% | (26.12) |
| FY2021 | 73.7% | 17.59 |
| FY2020 | 56.1% | (15.63) |
| FY2019 | 71.7% | — |
Quarterly newest first
| Period | Net margin | Change (points) |
|---|---|---|
| Sep 2026 | 37.1% | 34.11 |
| Jun 2026 | 2.96% | (4.80) |
| Mar 2026 | 7.76% | (27.50) |
| Dec 2025 | 35.3% | (1.68) |
| 19 more quarters | Free account |
Against its own ten years
Net margin against peers
| Company | Net margin |
|---|---|
| MAIN Main Street Capital Corporation compare | 78.5% |
| HLNE Hamilton Lane Inc. compare | 32.4% |
| OTF Blue Owl Technology Finance Corp. compare | 27.1% |
| VCTR Victory Capital Holdings, Inc. compare | 21.8% |
| BXSL Blackstone Secured Lending Fund | 21.1% |
| OBDC Blue Owl Capital Corporation compare | 20.8% |
| FHI Federated Hermes, Inc. compare | 20.3% |
| HASI HA Sustainable Infrastructure Capital, Inc. compare | 18.6% |
| STEP StepStone Group Inc. compare | −30.5% |
| Asset Management industry median | 11.9% |
| Financial sector median | 14.3% |
| Market median | 1.06% |
What Net margin is
Net Profit Margin tells an investor how much of each unit of revenue ends up as profit for shareholders after all costs, interest and taxes.
Net Income Allotted to Shareholders ÷ Revenue
More on BXSL
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- The full statement