Blackstone Secured Lending Fund (BXSL) is a closed-end investment fund focused on originating and acquiring senior secured loans primarily for U.S. middle-market companies. Supported by its affiliation with the esteemed Blackstone Group, BXSL utilizes its extensive market insights and robust network to provide strong risk-adjusted returns while emphasizing capital preservation. With a disciplined investment approach and a seasoned management team, BXSL presents institutional investors with an appealing opportunity for portfolio diversification and reliable income generation, positioning itself as a significant entity within the private credit sector.
| Revenue (TTM) | $1.39B |
| Gross Profit (TTM) | $1.39B |
| EBITDA | — |
| Operating Margin | 87.00% |
| Return on Equity | 7.11% |
| Return on Assets | 4.99% |
| Revenue/Share (TTM) | $6.01 |
| Book Value | $26.26 |
| Price-to-Book | 0.88 |
| Price-to-Sales (TTM) | 3.91 |
| EV/Revenue | 27.61 |
| EV/EBITDA | — |
| Quarterly Earnings Growth (YoY) | -83.50% |
| Quarterly Revenue Growth (YoY) | -9.00% |
| Shares Outstanding | $232.65M |
| Float | 0 |
| % Insiders | 8.65% |
| % Institutions | 44.38% |
Volatility is currently expanding
Blackstone Secured Lending Fund (BXSL) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
Blackstone Secured Lending remains a buy despite recent underperformance and a 12% price drop since November 2025. BXSL's portfolio is highly diversified, with 97.6% in first-lien, senior secured debt and only 19% of fair value in its top 10 holdings. Software exposure, while significant at 21%, is concentrated in resilient subverticals with strong EBITDA and revenue metrics, mitigating AI disruption concerns.
NEW YORK--(BUSINESS WIRE)--Blackstone Secured Lending Fund (NYSE: BXSL) (the “Company”) announced today that it will host its second-quarter 2026 investor conference call via public webcast on August 6, 2026 at 9:30 a.m. ET. The Company will report its second-quarter results prior to the call the morning of August 6, 2026. To register for the investor call, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1767729&tp_key=6d012692ae For those unable to listen to the.
The VanEck BDC Income ETF (NYSEARCA:BIZD) just delivered a jolt to income investors: its July distribution came in at $0.24 per share, roughly half the $0.48 paid in April.
Blackstone Secured Lending has seen its dividend yield spike to 13% on the back of a sustained collapse in its stock over the last year. The dividend is 100% covered by NII of $0.77 per share for BXSL's fiscal 2026 first quarter. BXSL has seen an increase in its non-accrual rate. This was 3.1% of investments at fair value at the end of the first quarter, up from 0.1% a year ago.
Blackstone Secured Lending Fund trades at a 0.91x book value with a 12.9% yield, offering high income and downside protection. BXSL's portfolio is 97.6% first-lien secured debt, diversified across 316 companies, with strong credit ratings and conservative leverage at 1.32x. I maintain a 'Buy' rating on BXSL, citing its fully covered dividend, attractive risk/reward, and Blackstone's ability to pivot toward secular growth sectors.
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 2026 dividend sustainability (along with most peers). 6 covered peers already reduced dividends during Q1-Q2 2026. A couple more cuts could occur during Q3-Q4 2026. A BXSL dividend cut during calendar Q3 2026 is not a 100% probability but the odds of a 2026 reduction remain likely (analyzing the forward yield curve).
Part 1 of this article compares BXSL'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 12/31/2025 and 3/31/2026. 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).
Blackstone Secured Lending Fund (BXSL) posted a 0.4% total NAV return in Q1, outperforming the BDC sector median despite notable portfolio headwinds. BXSL trades at a 10% discount to book value and a 13% dividend yield, but faces potential dividend pressure from rising non-accruals and NII pressures. Medallia's writedown drove the largest NAV drop since IPO (excluding COVID), raising questions about portfolio concentration and recurring revenue loan underwriting.
The June GVAS portfolio highlights 13 'safer,' fair-priced large-cap value stocks with strong dividend yields and positive free cash flow margins. Top ten GVAS stocks are forecasted to deliver average net gains of 39.68% by June 2027, with yields ranging from 7.9% to 16.46%. Energy and financial sectors dominate the highest-yielding, lowest-priced GVAS, with Okeanis Eco Tankers and IRSA Inversiones offering standout upside potential.
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