BXSL
Blackstone Secured Lending Fund
Next earnings Aug 4, 2026 · consensus $0.67 EPS, $346M rev
Last earnings -0.8% on 2026-05-07
$24.02
▲ +0.23%$24.02▼ -12.87%
over 1Y
L $22.75EODHDH $29.73
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.2%
1W+3.3%
1M+1.5%
3M+5.5%
YTD-6.7%
1Y-13.0%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 17 analysts
Buy
Blackstone-managed senior-secured BDC trading below NAV with a high covered-ish dividend — attractive income, watch rate-driven NII erosion.
Net income $563M · FY2025
The read
Solid fundamentals at a roughly fair price — reasonable risk/reward at today's level.
BXSL is a business development company managed by Blackstone, investing primarily in first-lien senior secured loans to private companies. As a BDC the right lens is net investment income, NAV and the dividend rather than growth. On those, the setup is reasonable: net income was $563M in FY2025 with diluted EPS of $2.46, and net asset value works out to roughly $26.9 per share ($6.25B equity / 232M shares). At $23.61 the stock trades at about 0.88x NAV — a meaningful discount for a high-quality, senior-secured Blackstone portfolio, and the implied ~9.6x earnings yield underpins a large dividend (dividends paid rose 16.2% to $678M).
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $460M | $405M | $612M | $694M | $563M |
| Diluted EPS | $3.19 | $2.44 | $3.65 | $3.45 | $2.46 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield10.1%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt$8.08B
Net cash-$7.79B
Piotroski F-Score1/6
Capital returns
Buyback yield0.0%
Dividend yield (est.)12.2%
Shareholder yield12.2%
Shares Δ YoY+2.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-152026-06-18open ↗8-KPeriod ending 2026-05-212026-05-21open ↗424B2Filing2026-05-18open ↗FWPFiling2026-05-14open ↗424B2Filing2026-05-14open ↗4Period ending 2026-05-122026-05-13open ↗8-KPeriod ending 2026-05-072026-05-07open ↗10-QPeriod ending 2026-03-312026-05-07open ↗4Period ending 2026-03-132026-03-16open ↗4Period ending 2026-03-112026-03-12open ↗4Period ending 2026-03-102026-03-11open ↗8-KPeriod ending 2026-03-032026-03-03open ↗
Frequently asked
- Is Blackstone Secured Lending Fund (BXSL) a buy?
- BXSL currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Blackstone-managed senior-secured BDC trading below NAV with a high covered-ish dividend — attractive income, watch rate-driven NII erosion.
- What is BXSL's fair value?
- A Modified-Graham model based on BXSL's SEC fundamentals estimates a fair value of about $20.91. It is an estimate from reported earnings, not a price target.
- Is BXSL overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, BXSL currently appears fairly valued relative to its SEC-grounded earnings power.
- What is Blackstone Secured Lending Fund's quality score?
- BXSL scores 64.52941176470588/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001736035, latest 10-Q filed 2026-05-07) · EODHD · analysis by claude-code · as of 6/21/2026, 8:56:37 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.