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. In the quarter to June 2026, revenue fell 7.06%, EPS fell 94.1%, free cash flow grew 353.8% and total debt rose 6.28%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five.
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Blackstone Secured Lending Fund (BXSL) Piotroski F-score
Blackstone Secured Lending Fund's Piotroski F-score for fiscal 2025 is 2 out of 9: 2 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 2 | 0.00 |
| FY2024 | 2 | (4.00) |
| FY2023 | 6 | 1.00 |
| FY2022 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 4.01% | 5.88% | Pass | 1 |
| Positive operating cash flow | (458.66m) | (2.53b) | Fail | 0 |
| Rising return on assets | 4.01% | 5.88% | Fail | 0 |
| Cash flow above net income | (1.02b) | (3.22b) | Fail | 0 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 1.72 | 1.80 | Fail | 0 |
| No new shares issued | 229,162,000 | 201,372,000 | Fail | 0 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.10 | 0.11 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 2 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| VCTR Victory Capital Holdings, Inc. compare | 6 |
| MAAS Maase Inc. - Sponsored ADR compare | 6 |
| STEP StepStone Group Inc. compare | 5 |
| HLNE Hamilton Lane Inc. compare | 4 |
| OTF Blue Owl Technology Finance Corp. compare | 4 |
| OBDC Blue Owl Capital Corporation compare | 4 |
| BXSL Blackstone Secured Lending Fund | 2 |
| MAIN Main Street Capital Corporation compare | 2 |
| HASI HA Sustainable Infrastructure Capital, Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover