(BXSL) Blackstone Secured Lending - Ratings and Ratios
Senior, Secured, Loans, Private, Middle-Market
BXSL EPS (Earnings per Share)
BXSL Revenue
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.
BXSL Stock Overview
| Market Cap in USD | 6,087m |
| Sub-Industry | Asset Management & Custody Banks |
| IPO / Inception | 2021-10-28 |
BXSL Stock Ratings
| Growth Rating | 35.6% |
| Fundamental | 42.0% |
| Dividend Rating | 95.3% |
| Return 12m vs S&P 500 | -18.1% |
| Analyst Rating | 4.11 of 5 |
BXSL Dividends
| Dividend Yield 12m | 11.63% |
| Yield on Cost 5y | 16.93% |
| Annual Growth 5y | 79.79% |
| Payout Consistency | 90.0% |
| Payout Ratio | 126.2% |
BXSL Growth Ratios
| Growth Correlation 3m | -77.5% |
| Growth Correlation 12m | -34.5% |
| Growth Correlation 5y | 86.4% |
| CAGR 5y | 14.79% |
| CAGR/Max DD 3y (Calmar Ratio) | 0.68 |
| CAGR/Mean DD 3y (Pain Ratio) | 3.65 |
| Sharpe Ratio 12m | -0.19 |
| Alpha | -14.50 |
| Beta | 0.440 |
| Volatility | 16.64% |
| Current Volume | 1762.4k |
| Average Volume 20d | 2036.9k |
| Stop Loss | 25.6 (-3.4%) |
| Signal | -0.34 |
Piotroski VR‑10 (Strict, 0-10) 2.5
| Net Income (619.0m TTM) > 0 and > 6% of Revenue (6% = 60.9m TTM) |
| FCFTA -0.09 (>2.0%) and ΔFCFTA 2.36pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 8.54% (prev 25.23%; Δ -16.68pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA -0.09 (>3.0%) and CFO -1.22b <= Net Income 619.0m (YES >=105%, WARN >=100%) |
| Net Debt (6.90b) to EBITDA (634.7m) ratio: 10.88 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.35 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (228.2m) change vs 12m ago 17.68% (target <= -2.0% for YES) |
| Gross Margin 65.22% (prev 86.37%; Δ -21.15pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 7.96% (prev 8.69%; Δ -0.73pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 1.80 (EBITDA TTM 634.7m / Interest Expense TTM 352.8m) >= 6 (WARN >= 3) |
Altman Z'' 0.48
| (A) 0.01 = (Total Current Assets 331.2m - Total Current Liabilities 244.5m) / Total Assets 13.71b |
| (B) 0.02 = Retained Earnings (Balance) 279.0m / Total Assets 13.71b |
| (C) 0.05 = EBIT TTM 634.7m / Avg Total Assets 12.74b |
| (D) 0.04 = Book Value of Equity 279.2m / Total Liabilities 7.42b |
| Total Rating: 0.48 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 41.99
| 1. Piotroski 2.50pt = -2.50 |
| 2. FCF Yield -9.38% = -4.69 |
| 3. FCF Margin data missing |
| 4. Debt/Equity 1.13 = 1.90 |
| 5. Debt/Ebitda 10.88 = -2.50 |
| 6. ROIC - WACC (= 0.59)% = 0.74 |
| 7. RoE 10.19% = 0.85 |
| 8. Rev. Trend 14.38% = 1.08 |
| 9. EPS Trend -57.65% = -2.88 |
What is the price of BXSL shares?
Over the past week, the price has changed by +0.19%, over one month by +2.87%, over three months by -9.45% and over the past year by -6.56%.
Is Blackstone Secured Lending a good stock to buy?
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of BXSL is around 30.20 USD . This means that BXSL is currently undervalued and has a potential upside of +14.01% (Margin of Safety).
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 | 31.1 | 17.6% |
| Analysts Target Price | 31.1 | 17.6% |
| ValueRay Target Price | 32.4 | 22.2% |
BXSL Fundamental Data Overview November 04, 2025
P/E Trailing = 9.4093
P/E Forward = 9.2937
P/S = 4.353
P/B = 0.9732
Beta = 0.44
Revenue TTM = 1.01b USD
EBIT TTM = 634.7m USD
EBITDA TTM = 634.7m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 7.09b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 6.90b USD (from netDebt column, last quarter)
Enterprise Value = 12.99b USD (6.09b + Debt 7.09b - CCE 186.6m)
Interest Coverage Ratio = 1.80 (Ebit TTM 634.7m / Interest Expense TTM 352.8m)
FCF Yield = -9.38% (FCF TTM -1.22b / Enterprise Value 12.99b)
FCF Margin = -120.1% (FCF TTM -1.22b / Revenue TTM 1.01b)
Net Margin = 61.02% (Net Income TTM 619.0m / Revenue TTM 1.01b)
Gross Margin = 65.22% ((Revenue TTM 1.01b - Cost of Revenue TTM 352.8m) / Revenue TTM)
Gross Margin QoQ = 66.79% (prev 65.13%)
Tobins Q-Ratio = 0.95 (Enterprise Value 12.99b / Total Assets 13.71b)
Interest Expense / Debt = 1.19% (Interest Expense 84.6m / Debt 7.09b)
Taxrate = 2.39% (3.80m / 158.8m)
NOPAT = 619.6m (EBIT 634.7m * (1 - 2.39%))
Current Ratio = 1.35 (Total Current Assets 331.2m / Total Current Liabilities 244.5m)
Debt / Equity = 1.13 (Debt 7.09b / totalStockholderEquity, last quarter 6.29b)
Debt / EBITDA = 10.88 (Net Debt 6.90b / EBITDA 634.7m)
Debt / FCF = -5.67 (negative FCF - burning cash) (Net Debt 6.90b / FCF TTM -1.22b)
Total Stockholder Equity = 6.08b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.51% (Net Income 619.0m / Total Assets 13.71b)
RoE = 10.19% (Net Income TTM 619.0m / Total Stockholder Equity 6.08b)
RoCE = 4.71% (EBIT 634.7m / Capital Employed (Total Assets 13.71b - Current Liab 244.5m))
RoIC = 4.75% (NOPAT 619.6m / Invested Capital 13.06b)
WACC = 4.16% (E(6.09b)/V(13.18b) * Re(7.64%) + D(7.09b)/V(13.18b) * Rd(1.19%) * (1-Tc(0.02)))
Discount Rate = 7.64% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: 100.0 | Cagr: 16.68%
Fair Price DCF = unknown (Cash Flow -1.22b)
EPS Correlation: -57.65 | EPS CAGR: -56.54% | SUE: -4.0 | # QB: 0
Revenue Correlation: 14.38 | Revenue CAGR: 4.30% | SUE: -1.08 | # QB: 0
Additional Sources for BXSL Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle