Saturday 17 October 2026
Export BXSL’s income statement to Excel — free account
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.
23.85
0.34
−1.41%
Follow BXSL
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | — | 26.15 | 22.00 | 22.11 | 27.54 | 24.85 |
Analyst estimates 2026–2028 Powerpack |
|||
| High | — | — | — | — | — | 38.32 | 33.00 | 29.11 | 33.48 | 34.64 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | — | 433 | 518 | — | — | — | ||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.00 | 1.44 | 1.64 | 0.00 | 0.00 | 0.00 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | 148 | 390 | 625 | 850 | 1,144 | 1,327 | 1,419 | ||||
| Gross margin, % | — | — | — | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||||
| EBT | — | — | — | 106 | 219 | 460 | 405 | 612 | 694 | 563 | |||||
| EBT margin, % | — | — | — | 71.74 | 56.11 | 73.70 | 47.58 | 53.51 | 52.31 | 39.71 | |||||
| Net income | — | 0 | — | 106 | 219 | 460 | 405 | 612 | 694 | 563 | |||||
| Depreciation | — | — | — | (35) | (27) | (157) | 89 | 17 | (13) | 119 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | 0.00 | 4.37 | 4.09 | 4.32 | 5.12 | 6.82 | 6.59 | 6.19 | ||||
| Earnings | — | — | — | 3.14 | 2.29 | 3.19 | 2.44 | 3.65 | 3.45 | 2.46 | |||||
| Cash flow | — | — | 0.00 | (75.56) | (24.34) | (26.49) | 4.05 | 2.74 | (12.55) | (2.00) | |||||
| Capex | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| Free cash flow | — | — | 0.00 | (75.56) | (24.34) | (26.49) | 4.05 | 2.74 | (12.55) | (2.00) | |||||
| Book value | — | — | 0.00 | 0.00 | 34.28 | 30.78 | 25.04 | 29.54 | 30.18 | 27.25 | |||||
| Shares, m | — | — | 7 | 34 | 95 | 145 | 166 | 168 | 201 | 229 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | 10.62 | 10.62 | 10.62 | 9.16 | 7.64 | 9.31 | 10.70 | ||||
| P/S | — | — | — | 0.00 | 0.00 | 9.03 | 4.37 | 4.09 | 4.90 | 4.25 | |||||
| P/B | — | — | — | 1.25 | 1.25 | 1.27 | 0.89 | 0.94 | 1.07 | 0.97 | |||||
| EV/Sales | — | — | — | 0.00 | 0.00 | 1.89 | (0.60) | (0.38) | 0.18 | (0.27) | |||||
| EV/FCF | — | — | — | (0.32) | (0.32) | (0.31) | (0.76) | (0.96) | (0.10) | 0.83 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | (2,558) | (2,320) | (3,829) | 673 | 459 | (2,526) | (459) | ||||
| Capex | — | — | — | — | — | — | — | — | — | — | |||||
| Free cash flow | — | — | — | (2,558) | (2,320) | (3,829) | 673 | 459 | (2,526) | (459) | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 3,121 | 4,228 | 3,998 | 4,841 | 5,927 | 6,086 | ||||
| Total debt | — | — | — | — | 2,500 | 5,499 | 5,528 | 4,912 | 7,056 | 8,080 | |||||
| Net debt | — | — | — | — | (3,304) | (4,460) | (4,221) | (5,111) | (6,266) | (6,417) | |||||
| Shareholders’ equity | — | — | — | — | 3,268 | 4,447 | 4,159 | 4,952 | 6,077 | 6,245 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | 7.35 | 5.71 | 4.03 | 6.11 | 5.88 | 4.01 | ||||
| ROIC | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| ROE | — | — | — | 0.00 | 5.67 | 11.94 | 9.40 | 13.43 | 12.59 | 9.15 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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. | $6.7B | 19.8× | 15.3× | +23.96% (above 0%: growing) | +146.38% (above 0%: growing) | +1,893.46% (above 0%: growing) | 100.00% | 44.50% | Compare |
| BXSL Blackstone Secured Lending Fund | $5.6B | 18.8× | 11.4× | −7.06% (below 0%: shrinking) | −94.12% (below 0%: shrinking) | +353.76% (above 0%: growing) | 100.00% | 85.77% | |
| MAAS Maase Inc. - Sponsored ADR | $5.5B | — (loss-making) | — (loss-making) | −60.12% (below 0%: shrinking) | +62.50% (above 0%: growing) | +82.86% (above 0%: growing) | 0.00% | 0.00% | 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 |
| OBDC Blue Owl Capital Corporation | $5.1B | 18.1× | 12.1× | −17.39% (below 0%: shrinking) | −51.85% (below 0%: shrinking) | −45.84% (below 0%: shrinking) | 100.00% | 74.72% | Compare |
| MAIN Main Street Capital Corporation | $5.1B | 10.8× | 15.2× | +3.89% (above 0%: growing) | +15.33% (above 0%: growing) | +13.70% (above 0%: growing) | 100.00% | 87.20% | Compare |
| HASI HA Sustainable Infrastructure Capital, Inc. | $4.7B | 55.2× | 29.3× | +40.97% (above 0%: growing) | +25.00% (above 0%: growing) | −14.48% (below 0%: shrinking) | 100.00% | 80.56% | Compare |
| HLNE Hamilton Lane Inc. | $4.6B | 12.3× | 12.3× | +56.48% (above 0%: growing) | +49.23% (above 0%: growing) | −40.94% (below 0%: shrinking) | 100.00% | 45.93% | Compare |
| OTF Blue Owl Technology Finance Corp. | $4.3B | 11.4× | 26.7× | +5.81% (above 0%: growing) | −23.26% (below 0%: shrinking) | +22.79% (above 0%: growing) | 100.00% | 82.00% | Compare |
| Median of peers | $5.1B | 15.2× | 15.2× | +4.91% | +25.00% | −0.39% | 100.00% | 60.33% |
Blackstone Secured Lending Fund (BXSL) key facts
- Concern: Net income was $563.5 million, or $2.46 per share (basic), a net margin of 39.7%.
- Strength: Blackstone Secured Lending Fund’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 6.94% from fiscal 2024.
- Blackstone Secured Lending Fund (BXSL) is an Asset Management company in the Financial sector, listed on the New York Stock Exchange.
- As of October 16, 2026, BXSL traded at $23.85, a market capitalization of $5.6 billion.
- At that price the stock trades at 18.8× trailing-twelve-month earnings and 4.1× sales; its P/E is higher than 96% of its own readings over the past ten years.
- Blackstone Secured Lending Fund pays an annual dividend of $3.08 per share, a yield of 12.9%.
- Return on equity was 9.15% and debt-to-equity 1.27.
- Its Piotroski F-score is 2 out of 9 for fiscal 2025.
Blackstone Secured Lending Fund (BXSL) Latest News
No news at this impact. Lower the threshold for more.