BXSL

Part 2 of this article compares Blackstone Secured Lending's recent dividend per share rates, yield percentages, and several other highly detailed (and useful) dividend sustainability metrics to 11 other BDC peers. BXSL remains cautious regarding near-term dividend sustainability; even when undistributed taxable income remains high-very high. 6 covered peers already reduced dividends during Q1-Q2 2026. A BXSL dividend cut during Q4 2026 is not a 100% probability but the odds of a late 2026-early 2027 reduction remains (analyzing the forward yield curve and credit risk).

BXSL shared even more negative signs that suggest the upcoming dividend cut. Even the management mentioned a transition to lower dividend levels. I expect a dividend reset in 2026, which will likely result in a valuation pullback.

Blackstone Secured Lending Fund offers a compelling high-income opportunity, supported by a $13.4B portfolio with 96.8% first-lien secured debt. BXSL's diversified portfolio, improving borrower health, and declining nonaccruals underpin downside protection and attractive risk-adjusted returns. At a 0.96x price-to-NAV and 12.6% yield, expectations for a dividend cut appear priced in.

The BDC sector thrived post-COVID as low rates and strong underwriting supported robust dividends and performance. Rising rates initially sparked default fears, but BDCs benefited from higher coupons and stable funding costs, with limited non-accrual uptick. Since early 2025, most BDCs have cut dividends, and total returns now barely match inflation or T-bill rates.

Part 1 of this article compares Blackstone Secured Lending's recent quarterly change in NAV, quarterly and trailing 24-month economic return, NII, and current valuation to 11 BDC peers. Part 1 also performs a comparative analysis between each company's investment portfolio as of 3/31/2026 and 6/30/2026. This includes an updated percentage of investments on non-accrual status. I also provide a list of the other BDC stocks I currently believe are undervalued (a buy recommendation), overvalued (a sell recommendation), or appropriately valued (a hold recommendation).

From a technical perspective, Blackstone Secured Lending Fund (BXSL) is looking like an interesting pick, as it just reached a key level of support. BXSL recently overtook the 200-day moving average, and this suggests a long-term bullish trend.

Blackstone Secured Lending faces near-term headwinds, with sequential declines in earnings and dividend coverage falling below 100% for the first time in 28 quarters. Management signaled an imminent dividend cut, likely reducing the payout to $0.66–$0.70 per share to align with long-term earnings trends and lower base rates. Despite credit deterioration and a declining NAV, BXSL's 12%+ yield and 4% NAV discount remain attractive for income-focused investors seeking stable BDC exposure.

Blackstone Secured Lending Fund. (BXSL) Q2 2026 Earnings Call Transcript

The headline numbers for Blackstone Secured Lending Fund (BXSL) give insight into how the company performed in the quarter ended June 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Blackstone Secured Lending Fund (BXSL) came out with quarterly earnings of $0.75 per share, beating the Zacks Consensus Estimate of $0.66 per share. This compares to earnings of $0.77 per share a year ago.