(BXSL) Blackstone Secured Lending - Ratings and Ratios
Senior, Secured, Loans, Private, Middle-Market
Dividends
| Dividend Yield | 13.62% |
| Yield on Cost 5y | 21.17% |
| Yield CAGR 5y | 2.88% |
| Payout Consistency | 100.0% |
| Payout Ratio | 97.2% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 15.9% |
| Value at Risk 5%th | 26.5% |
| Relative Tail Risk | 1.60% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.16 |
| Alpha | -12.57 |
| CAGR/Max DD | 0.85 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.528 |
| Beta | 0.697 |
| Beta Downside | 0.866 |
| Drawdowns 3y | |
|---|---|
| Max DD | 21.62% |
| Mean DD | 4.30% |
| Median DD | 2.68% |
Description: BXSL Blackstone Secured Lending November 04, 2025
Blackstone Secured Lending Fund (BXSL) operates as a Delaware statutory trust and a Business Development Company (BDC) under the 1940 Act, allowing it to distribute most of its taxable income to shareholders and retain RIC tax status. The fund, launched in March 2018, focuses on generating current income with a secondary aim of long-term capital appreciation.
The investment mandate centers on originated and syndicated loans to U.S. small- and middle-market companies, primarily first-lien senior secured and unitranche structures. Secondary exposures include second- and third-lien, unsecured, and subordinated debt, as well as equity-linked securities, providing a modest diversification buffer.
Key performance metrics (as of the latest filing) show a portfolio weighted average yield of roughly 8.5% and a net asset value (NAV) leverage ratio near 2.0×, both in line with industry averages for BDCs that target a 7-9% income distribution. The fund’s dividend payout ratio hovers around 95%, reflecting its commitment to deliver high current income.
Sector-level drivers that materially affect BXSL include the health of the U.S. credit market for companies with EBITDA under $100 million, and the prevailing interest-rate environment; a 100-basis-point rise in Fed rates typically compresses loan spreads by 0.15-0.20%, pressuring income generation. Additionally, the broader BDC asset class has benefited from a recent shift toward higher-yield, lower-volatility assets amid equity market uncertainty.
For a deeper quantitative dive into BXSL’s risk-adjusted returns and peer comparison, consider exploring the analytics available on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income (599.8m TTM) > 0 and > 6% of Revenue (6% = 60.2m TTM) |
| FCFTA -0.08 (>2.0%) and ΔFCFTA 6.20pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 11.08% (prev 17.13%; Δ -6.05pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA -0.08 (>3.0%) and CFO -1.13b <= Net Income 599.8m (YES >=105%, WARN >=100%) |
| Net Debt (-249.9m) to EBITDA (615.8m) ratio: -0.41 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.46 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (230.5m) change vs 12m ago 13.29% (target <= -2.0% for YES) |
| Gross Margin 64.47% (prev 71.93%; Δ -7.46pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 7.53% (prev 8.21%; Δ -0.67pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 0.81 (EBITDA TTM 615.8m / Interest Expense TTM 356.4m) >= 6 (WARN >= 3) |
Altman Z'' 0.28
| (A) 0.01 = (Total Current Assets 355.1m - Total Current Liabilities 244.0m) / Total Assets 14.26b |
| (B) 0.02 = Retained Earnings (Balance) 233.6m / Total Assets 14.26b |
| (C) 0.02 = EBIT TTM 288.4m / Avg Total Assets 13.31b |
| (D) 0.03 = Book Value of Equity 233.8m / Total Liabilities 7.99b |
| Total Rating: 0.28 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 53.63
| 1. Piotroski 3.50pt |
| 2. FCF Yield -8.48% |
| 3. FCF Margin data missing |
| 4. Debt/Equity 1.13 |
| 5. Debt/Ebitda -0.41 |
| 6. ROIC - WACC (= -2.68)% |
| 7. RoE 9.64% |
| 8. Rev. Trend 84.36% |
| 9. EPS Trend 23.81% |
What is the price of BXSL shares?
Over the past week, the price has changed by +2.39%, over one month by +6.28%, over three months by -0.19% and over the past year by -1.54%.
Is BXSL a buy, sell or hold?
- Strong Buy: 4
- Buy: 2
- Hold: 3
- Sell: 0
- Strong Sell: 0
What are the forecasts/targets for the BXSL price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 29.8 | 5.3% |
| Analysts Target Price | 29.8 | 5.3% |
| ValueRay Target Price | 35.1 | 24.2% |
BXSL Fundamental Data Overview December 09, 2025
P/E Trailing = 10.683
P/E Forward = 9.2937
P/S = 4.63
P/B = 1.0441
Beta = 0.437
Revenue TTM = 1.00b USD
EBIT TTM = 288.4m USD
EBITDA TTM = 615.8m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 7.06b USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -249.9m USD (from netDebt column, last quarter)
Enterprise Value = 13.35b USD (6.55b + Debt 7.06b - CCE 249.9m)
Interest Coverage Ratio = 0.81 (Ebit TTM 288.4m / Interest Expense TTM 356.4m)
FCF Yield = -8.48% (FCF TTM -1.13b / Enterprise Value 13.35b)
FCF Margin = -113.0% (FCF TTM -1.13b / Revenue TTM 1.00b)
Net Margin = 59.80% (Net Income TTM 599.8m / Revenue TTM 1.00b)
Gross Margin = 64.47% ((Revenue TTM 1.00b - Cost of Revenue TTM 356.4m) / Revenue TTM)
Gross Margin QoQ = 63.00% (prev 66.79%)
Tobins Q-Ratio = 0.94 (Enterprise Value 13.35b / Total Assets 14.26b)
Interest Expense / Debt = 1.23% (Interest Expense 87.0m / Debt 7.06b)
Taxrate = 3.10% (4.23m / 136.7m)
NOPAT = 279.5m (EBIT 288.4m * (1 - 3.10%))
Current Ratio = 1.46 (Total Current Assets 355.1m / Total Current Liabilities 244.0m)
Debt / Equity = 1.13 (Debt 7.06b / totalStockholderEquity, last quarter 6.27b)
Debt / EBITDA = -0.41 (Net Debt -249.9m / EBITDA 615.8m)
Debt / FCF = 0.22 (negative FCF - burning cash) (Net Debt -249.9m / FCF TTM -1.13b)
Total Stockholder Equity = 6.22b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.21% (Net Income 599.8m / Total Assets 14.26b)
RoE = 9.64% (Net Income TTM 599.8m / Total Stockholder Equity 6.22b)
RoCE = 2.06% (EBIT 288.4m / Capital Employed (Total Assets 14.26b - Current Liab 244.0m))
RoIC = 2.07% (NOPAT 279.5m / Invested Capital 13.52b)
WACC = 4.75% (E(6.55b)/V(13.60b) * Re(8.58%) + D(7.06b)/V(13.60b) * Rd(1.23%) * (1-Tc(0.03)))
Discount Rate = 8.58% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 17.26%
Fair Price DCF = unknown (Cash Flow -1.13b)
EPS Correlation: 23.81 | EPS CAGR: 2.05% | SUE: 0.50 | # QB: 0
Revenue Correlation: 84.36 | Revenue CAGR: 11.25% | SUE: -1.29 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.76 | Chg30d=+0.012 | Revisions Net=+6 | Analysts=12
EPS next Year (2026-12-31): EPS=2.96 | Chg30d=+0.040 | Revisions Net=+3 | Growth EPS=-8.0% | Growth Revenue=-0.7%
Additional Sources for BXSL Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle