BXSL Stock Analysis: Blackstone Secured Lending | NYSE
Asset Management | NYSE, USA | Market Cap: 5.638m USD | 12M Return: 2% | US09261X1028 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 37.0M
EPS Trend: -99.4%
Qual. Beats: 0
Rev. Trend: 77.8%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 4.9 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Blackstone Secured Lending Fund (BXSL) is a business development company (BDC) organized as a Delaware statutory trust and structured as an externally managed, non-diversified closed-end investment fund. BDCs are a category of regulated investment vehicle that primarily provide financing to private, often smaller, companies in exchange for income-generating debt and equity securities.
The fund was formed on March 26, 2018, and elected BDC status under the Investment Company Act of 1940 on October 26, 2018. It has also elected to be treated as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code, a tax structure commonly used by BDCs that allows them to avoid corporate-level tax on distributed income. To preserve this tax treatment, the fund intends to continue complying with applicable RIC requirements.
BXSLs investment objective is to generate current income, with a secondary focus on long-term capital appreciation. The fund primarily invests in originated loans, equity, and other securities, including syndicated loans, of private U.S. small and middle market companies. Its investments are typically structured as first lien senior secured or unitranche loans (including first out/last out loans), with a smaller allocation to second lien, third lien, unsecured, and subordinated loans, as well as other debt and equity securities. The fund is sponsored by Blackstone, one of the worlds largest alternative asset managers, and trades as a mid-cap stock on the NYSE following its 2021 IPO.
- FR-linked loan income boosts distributable earnings above dividend
- Private credit competition compresses new deal spreads
- First-lien middle-market exposure limits NAV drawdown from defaults
| Net Income: 293.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 15.95 > 1.0 |
| NWC/Revenue: -6.07% < 20% (prev 4.14%; Δ -10.21% < -1%) |
| CFO/TA 0.11 > 3% & CFO 1.47b > Net Income 293.3m |
| Net Debt (7.94b) to EBITDA (956.0m): 8.30 < 3 |
| Current Ratio: 0.79 > 1.5 & < 3 |
| Outstanding Shares: last fiscal year (229.2m) vs prev 13.80% < -2% |
| Gross Margin: 83.58% > 18% (prev 65.22%; Δ 18.36% > 0.5%) |
| Asset Turnover: 7.87% > 50% (prev 7.12%; Δ 0.75% > 0%) |
| Interest Coverage Ratio: 1.33 > 6 (EBIT TTM 753.4m / Interest Expense TTM 568.1m) |
| A: -0.00 (Total Current Assets 244.7m - Total Current Liabilities 310.4m) / Total Assets 13.2b |
| B: 0.01 (Retained Earnings 197.2m / Total Assets 13.2b) |
| C: 0.05 (EBIT TTM 753.4m / Avg Total Assets 13.7b) |
| D: 0.80 (Book Value of Equity 5.88b / Total Liabilities 7.36b) |
| Altman-Z'' = 1.22 = BB |
As of November 10, 2026, the stock is trading at USD 23.94 with a total of 1,672,971 shares traded. Over the past week, the price has changed by +1.14%, over one month by +0.34%, over three months by +1.66% and over the past year by +2.00%.
Current recommended Stop Loss: 22.70 (which is 5.2% or 2.4 ATR below the current price).
Blackstone Secured Lending has received a consensus analysts rating of 3.46. Therefore, it is recommended to hold BXSL.
- StrongBuy: 3
- Buy: 2
- Hold: 7
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 24.7 | 3% |
P/E Trailing = 20.1417
P/E Forward = 9.4787
P/S = 4.1389
P/B = 0.9109
Revenue TTM = 1.08b USD
EBIT TTM = 753.4m USD
EBITDA TTM = 956.0m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 8.08b USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 7.94b USD (calculated: Debt 8.08b - CCE 142.5m)
Enterprise Value = 13.6b USD (5.64b + Debt 8.08b - CCE 142.5m)
Interest Coverage Ratio = 1.33 (Ebit TTM 753.4m / Interest Expense TTM 568.1m)
EV/FCF = 12.81x (Enterprise Value 13.6b / FCF TTM 1.06b)
FCF Yield = 7.81% (FCF TTM 1.06b / Enterprise Value 13.6b)
FCF Margin = 98.00% (FCF TTM 1.06b / Revenue TTM 1.08b)
Net Margin = 27.12% (Net Income TTM 293.3m / Revenue TTM 1.08b)
Gross Margin = 83.58% ((Revenue TTM 1.08b - Cost of Revenue TTM 177.5m) / Revenue TTM)
Gross Margin QoQ = 86.42% (prev 87.80%)
Tobins Q-Ratio = 1.03 (Enterprise Value 13.6b / Total Assets 13.2b)
Interest Expense / Debt = 7.03% (Interest Expense 568.1m / Debt 8.08b)
Taxrate = 2.92% (8.82m / 302.2m)
NOPAT = 731.4m (EBIT 753.4m * (1 - 2.92%))
Current Ratio = 0.79 (Total Current Assets 244.7m / Total Current Liabilities 310.4m)
Debt / Equity = 1.37 (Debt 8.08b / totalStockholderEquity, last quarter 5.88b)
Debt / EBITDA = 8.30 (Net Debt 7.94b / EBITDA 956.0m)
Debt / FCF = 7.49 (Net Debt 7.94b / FCF TTM 1.06b)
Total Stockholder Equity = 6.04b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.13% (Net Income 293.3m / Total Assets 13.2b)
RoE = 4.86% (Net Income TTM 293.3m / Total Stockholder Equity 6.04b)
RoCE = 5.83% (EBIT 753.4m / Capital Employed (Total Assets 13.2b - Current Liab 310.4m))
RoIC = 5.68% (NOPAT 731.4m / Invested Capital 12.9b)
WACC = 7.03% (E(5.64b)/V(13.7b) * Re(7.32%) + D(8.08b)/V(13.7b) * Rd(7.03%) * (1-Tc(0.03)))
Discount Rate = 7.32% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 91.36 | Cagr: 9.25%
[DCF] Terminal Value 75.44% ; FCFF base≈1.06b ; Y1≈1.06b ; Y5≈1.13b
[DCF] Fair Price = 41.14 (EV 17.5b - Net Debt 7.94b = Equity 9.60b / Shares 233.3m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: -99.36 | EPS CAGR: -8.82% | SUE: 0.30 | # QB: 0
Revenue Correlation: 77.82 | Revenue CAGR: 7.24% | SUE: -0.59 | # QB: 0
EPS current Quarter (2027-03-31): EPS=0.64 | Chg30d=-1.56% | Revisions=+0% | Analysts=10
EPS current Year (2026-12-31): EPS=2.83 | Chg30d=-0.28% | Revisions=+17% | GrowthEPS=-12.3% | GrowthRev=-9.6%
EPS next Year (2027-12-31): EPS=2.57 | Chg30d=-0.48% | Revisions=+17% | GrowthEPS=-9.4% | GrowthRev=+0.2%
[Analyst] Revisions Ratio: +18% (up=5, down=3)