BXSL Stock Analysis: Blackstone Secured Lending | NYSE
Asset Management | NYSE, USA | Market Cap: 5.479m USD | 12M Return: 6.9% | US09261X1028 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 35.0M
EPS Trend: -96.4%
Qual. Beats: 2
Rev. Trend: 72.6%
Qual. Beats: 0
Warnings
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: 0.01 > 0.02 and ΔFCF/TA 9.96 > 1.0 |
| NWC/Revenue: 11.33% < 20% (prev 8.54%; Δ 2.78% < -1%) |
| CFO/TA 0.04 > 3% & CFO 561.2m > Net Income 293.3m |
| Net Debt (7.27b) to EBITDA (690.4m): 10.53 < 3 |
| Current Ratio: 1.39 > 1.5 & < 3 |
| Outstanding Shares: last quarter (232.6m) vs 12m ago 1.91% < -2% |
| Gross Margin: 83.30% > 18% (prev 65.22%; Δ 18.08% > 0.5%) |
| Asset Turnover: 7.73% > 50% (prev 7.40%; Δ 0.33% > 0%) |
| Interest Coverage Ratio: 1.05 > 6 (EBIT TTM 594.6m / Interest Expense TTM 568.1m) |
| A: 0.01 (Total Current Assets 429.6m - Total Current Liabilities 309.2m) / Total Assets 13.8b |
| B: -0.01 (Retained Earnings -126.1m / Total Assets 13.8b) |
| C: 0.04 (EBIT TTM 594.6m / Avg Total Assets 13.8b) |
| D: 0.76 (Book Value of Equity 5.94b / Total Liabilities 7.85b) |
| Altman-Z'' = 1.11 = BB |
As of October 11, 2026, the stock is trading at USD 23.86 with a total of 1,136,999 shares traded. Over the past week, the price has changed by +1.06%, over one month by +0.86%, over three months by +6.62% and over the past year by +6.92%.
Current recommended Stop Loss: 22.80 (which is 4.4% or 2.4 ATR below the current price).
Blackstone Secured Lending has received a consensus analysts rating of 3.50. Therefore, it is recommended to hold BXSL.
- StrongBuy: 3
- Buy: 2
- Hold: 6
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 24.7 | 3.4% |
P/E Trailing = 18.5197
P/E Forward = 9.9602
P/S = 4.0221
P/B = 0.9654
Revenue TTM = 1.06b USD
EBIT TTM = 594.6m USD
EBITDA TTM = 690.4m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 7.54b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 7.27b USD (calculated: Debt 7.54b - CCE 267.2m)
Enterprise Value = 12.7b USD (5.48b + Debt 7.54b - CCE 267.2m)
Interest Coverage Ratio = 1.05 (Ebit TTM 594.6m / Interest Expense TTM 568.1m)
EV/FCF = 86.16x (Enterprise Value 12.7b / FCF TTM 148.0m)
FCF Yield = 1.16% (FCF TTM 148.0m / Enterprise Value 12.7b)
FCF Margin = 13.92% (FCF TTM 148.0m / Revenue TTM 1.06b)
Net Margin = 27.59% (Net Income TTM 293.3m / Revenue TTM 1.06b)
Gross Margin = 83.30% ((Revenue TTM 1.06b - Cost of Revenue TTM 177.5m) / Revenue TTM)
Gross Margin QoQ = 86.42% (prev 87.80%)
Tobins Q-Ratio = 0.92 (Enterprise Value 12.7b / Total Assets 13.8b)
Interest Expense / Debt = 7.54% (Interest Expense 568.1m / Debt 7.54b)
Taxrate = 5.57% (16.6m / 298.7m)
NOPAT = 561.5m (EBIT 594.6m * (1 - 5.57%))
Current Ratio = 1.39 (Total Current Assets 429.6m / Total Current Liabilities 309.2m)
Debt / Equity = 1.27 (Debt 7.54b / totalStockholderEquity, last quarter 5.94b)
Debt / EBITDA = 10.53 (Net Debt 7.27b / EBITDA 690.4m)
Debt / FCF = 49.13 (Net Debt 7.27b / FCF TTM 148.0m)
Total Stockholder Equity = 6.14b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.13% (Net Income 293.3m / Total Assets 13.8b)
RoE = 4.78% (Net Income TTM 293.3m / Total Stockholder Equity 6.14b)
RoCE = 4.41% (EBIT 594.6m / Capital Employed (Total Assets 13.8b - Current Liab 309.2m))
RoIC = 4.18% (NOPAT 561.5m / Invested Capital 13.4b)
WACC = 7.40% (E(5.48b)/V(13.0b) * Re(7.78%) + D(7.54b)/V(13.0b) * Rd(7.54%) * (1-Tc(0.06)))
Discount Rate = 7.78% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 91.36 | Cagr: 9.25%
[DCF] Terminal Value 75.44% ; FCFF base≈148.0m ; Y1≈148.6m ; Y5≈157.4m
[DCF] Fair Price = N/A (negative equity: EV 2.45b - Net Debt 7.27b = -4.82b; debt exceeds intrinsic value)
EPS Correlation: -96.42 | EPS CAGR: -7.76% | SUE: 4.0 | # QB: 2
Revenue Correlation: 72.64 | Revenue CAGR: 6.53% | SUE: -0.59 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.67 | Chg30d=+0.23% | Revisions=-25% | Analysts=12
EPS current Year (2026-12-31): EPS=2.84 | Chg30d=+3.79% | Revisions=+62% | GrowthEPS=-12.0% | GrowthRev=-9.6%
EPS next Year (2027-12-31): EPS=2.58 | Chg30d=+0.37% | Revisions=-21% | GrowthEPS=-9.2% | GrowthRev=-0.4%
[Analyst] Revisions Ratio: +6% (up=16, down=14)