Overview Dividends

(BXSL) Blackstone Secured Lending - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US09261X1028

Senior, Secured, Loans, Private, Middle-Market

BXSL EPS (Earnings per Share)

EPS Growth (3Y CAGR): 2.80%
EPS Trend (3Y Correlation): -51.5%

BXSL Revenue

Revenue Growth (3Y CAGR): 28.84%
Revenue Trend (3Y Correlation): 85.1%

Risk via 10d forecast
Volatility	15.8%
Value at Risk 5%th	26.6%
Relative Tail Risk	2.05%

Reward TTM
Sharpe Ratio	-0.31
Alpha	-15.37

Character TTM
Hurst Exponent	0.489
Beta	0.691
Beta Downside	0.870

Drawdowns 3y
Max DD	21.62%
Mean DD	4.12%
Median DD	2.71%

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	6,155m
Sub-Industry	Asset Management & Custody Banks
IPO / Inception	2021-10-28
Return 12m vs S&P 500	-16.7%
Analyst Rating	4.11 of 5

BXSL Dividends

Dividend Yield	11.55%
Yield on Cost 5y	16.93%
Yield CAGR 5y	79.79%
Payout Consistency	90.0%
Payout Ratio	97.2%

BXSL Growth Ratios

CAGR 3y	15.24%
CAGR/Max DD Calmar Ratio	0.70
CAGR/Mean DD Pain Ratio	3.70
Current Volume	1264.3k
Average Volume	1709.5k

Piotroski VR‑10 (Strict, 0-10) 4.5

Net Income (471.6m TTM) > 0 and > 6% of Revenue (6% = 67.6m TTM)

FCFTA -0.08 (>2.0%) and ΔFCFTA 6.20pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 9.86% (prev 17.13%; Δ -7.26pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA -0.08 (>3.0%) and CFO -1.13b <= Net Income 471.6m (YES >=105%, WARN >=100%)

Net Debt (-249.9m) to EBITDA (815.7m) ratio: -0.31 <= 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 76.08% (prev 71.93%; Δ 4.15pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 8.46% (prev 8.21%; Δ 0.25pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 0.79 (EBITDA TTM 815.7m / Interest Expense TTM 364.1m) >= 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

(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) 49.02

1. Piotroski 4.50pt = -0.50

2. FCF Yield -8.74% = -4.37

3. FCF Margin data missing

4. Debt/Equity 1.13 = 1.90

5. Debt/Ebitda -0.31 = 2.50

6. ROIC - WACC (= -3.96)% = -4.95

7. RoE 7.58% = 0.63

8. Rev. Trend 85.12% = 6.38

9. EPS Trend -51.51% = -2.58

What is the price of BXSL shares?

As of November 15, 2025, the stock is trading at USD 26.66 with a total of 1,264,302 shares traded.
Over the past week, the price has changed by +0.64%, over one month by +0.95%, over three months by -8.35% and over the past year by -4.56%.

Is Blackstone Secured Lending a good stock to buy?

No, based on ValueRay´s Fundamental Analyses, Blackstone Secured Lending (NYSE:BXSL) is currently (November 2025) a stock to sell. It has a ValueRay Fundamental Rating of 49.02 and therefor a negative outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of BXSL is around 30.59 USD . This means that BXSL is currently undervalued and has a potential upside of +14.74% (Margin of Safety).

Is BXSL a buy, sell or hold?

Blackstone Secured Lending has received a consensus analysts rating of 4.11. Therefore, it is recommended to buy BXSL.

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	30.2	13.2%
Analysts Target Price	30.2	13.2%
ValueRay Target Price	32.7	22.8%

BXSL Fundamental Data Overview November 15, 2025

Market Cap USD = 6.16b (6.16b USD * 1.0 USD.USD)
P/E Trailing = 10.0453
P/E Forward = 9.3633
P/S = 4.3536
P/B = 0.9873
Beta = 0.441
Revenue TTM = 1.13b USD
EBIT TTM = 288.4m USD
EBITDA TTM = 815.7m 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 = 12.96b USD (6.16b + Debt 7.06b - CCE 249.9m)
Interest Coverage Ratio = 0.79 (Ebit TTM 288.4m / Interest Expense TTM 364.1m)
FCF Yield = -8.74% (FCF TTM -1.13b / Enterprise Value 12.96b)
FCF Margin = -100.6% (FCF TTM -1.13b / Revenue TTM 1.13b)
Net Margin = 41.86% (Net Income TTM 471.6m / Revenue TTM 1.13b)
Gross Margin = 76.08% ((Revenue TTM 1.13b - Cost of Revenue TTM 269.4m) / Revenue TTM)
Gross Margin QoQ = 100.0% (prev 66.79%)
Tobins Q-Ratio = 0.91 (Enterprise Value 12.96b / Total Assets 14.26b)
Interest Expense / Debt = 1.34% (Interest Expense 94.7m / Debt 7.06b)
Taxrate = 97.82% (189.5m / 193.7m)
NOPAT = 6.30m (EBIT 288.4m * (1 - 97.82%))
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 = -0.31 (Net Debt -249.9m / EBITDA 815.7m)
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 = 3.31% (Net Income 471.6m / Total Assets 14.26b)
RoE = 7.58% (Net Income TTM 471.6m / Total Stockholder Equity 6.22b)
RoCE = 2.06% (EBIT 288.4m / Capital Employed (Total Assets 14.26b - Current Liab 244.0m))
RoIC = 0.05% (NOPAT 6.30m / Invested Capital 13.52b)
WACC = 4.00% (E(6.16b)/V(13.21b) * Re(8.56%) + D(7.06b)/V(13.21b) * Rd(1.34%) * (1-Tc(0.98)))
Discount Rate = 8.56% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 17.26%
Fair Price DCF = unknown (Cash Flow -1.13b)
EPS Correlation: -51.51 | EPS CAGR: 2.80% | SUE: 0.50 | # QB: 0
Revenue Correlation: 85.12 | Revenue CAGR: 28.84% | SUE: 0.06 | # QB: 0

Additional Sources for BXSL Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle