Blackstone Secured Lending Fund (BXSL) Stock Overview
Blackstone Secured Lending Fund is business development company and a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified closed-end investment Fund. More details
| Snowflake Score | |
|---|---|
| Valuation | 4/6 |
| Future Growth | 1/6 |
| Past Performance | 1/6 |
| Financial Health | 1/6 |
| Dividends | 2/6 |
BXSL Community Fair Values
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Analyst Price Targets
Blackstone Secured Lending Fund Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$23.10 |
| 52 Week High | US$32.81 |
| 52 Week Low | US$22.47 |
| Beta | 0.42 |
| 1 Month Change | -3.59% |
| 3 Month Change | -0.13% |
| 1 Year Change | -26.81% |
| 3 Year Change | -15.42% |
| 5 Year Change | n/a |
| Change since IPO | -16.40% |
Recent News & Updates
Seeking Alpha • Jul 06
Blackstone Secured Lending: I'm Nervous About The Rise In Non-Accruals
Summary 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. Read the full article on Seeking Alpha
Narrative Update • Jun 26
BXSL: Future Returns Will Hinge On Credit Quality Stabilization And Income Trends
The analyst fair value estimate for Blackstone Secured Lending Fund has shifted down from about $29.77 to $24.60. This change reflects lower Street price targets around $24 to $26 as analysts factor in softer credit quality, reduced interest yields, slowing investment activity, and a fuller valuation at recent share levels.Recent updates
Seeking Alpha • Jul 06
Blackstone Secured Lending: I'm Nervous About The Rise In Non-Accruals
Summary 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. Read the full article on Seeking AlphaNarrative Update • Jun 26
BXSL: Future Returns Will Hinge On Credit Quality Stabilization And Income Trends
The analyst fair value estimate for Blackstone Secured Lending Fund has shifted down from about $29.77 to $24.60. This change reflects lower Street price targets around $24 to $26 as analysts factor in softer credit quality, reduced interest yields, slowing investment activity, and a fuller valuation at recent share levels.Seeking Alpha • Apr 19
Blackstone Secured Lending Fund Is A Buy Once Again
Summary BXSL is a top-tier, defensive BDC with a strong first-lien debt focus, making it resilient in uncertain market conditions. Despite market challenges, BXSL's diversified portfolio and low non-accrual metrics make it a solid investment opportunity. The recent price drop makes BXSL attractive, with potential for over 14% capital upside and a 10.6% dividend yield. BXSL's valuation and defensive nature make it a "buy" for me, offering double-digit total returns even in market turmoil. Read the full article on Seeking AlphaSeeking Alpha • Mar 19
Blackstone Secured Lending: One Of The Best BDCs For What Could Be Coming (Rating Downgrade)
Summary Blackstone Secured Lending remains a top BDC due to strong liquidity, larger borrowers, and high first-lien loan exposure, despite economic uncertainty. BXSL's solid fundamentals include consistent $1 billion+ investments, low non-accrual rates, and strong NAV growth, but lower base rates impact net investment income. Valuation is high with a P/NAV ratio of 1.19x, suggesting limited upside; a better entry point may be near or below $30. Given potential recession risks and rising non-accruals, BXSL is downgraded from buy to hold, despite being well-positioned for economic volatility. Read the full article on Seeking AlphaSeeking Alpha • Mar 10
Blackstone Secured Lending: Best-Of-Breed BDC With A 9% Yield
Summary Blackstone Secured Lending is a top BDC choice due to its strong balance sheet, robust net funding trend, and reliable dividend coverage. Blackstone Secured Lending's non-accrual percentage remained exemplary in the fourth quarter. BXSL trades at a 21% premium to net asset value, reflecting its high-quality balance sheet and strong financial performance. Risks include potential changes in the non-accrual percentage and first lien performance, which could impact the bullish outlook on BXSL. Read the full article on Seeking AlphaSeeking Alpha • Feb 20
BXSL Vs. MSDL: MSDL Is A Better Buy Right Now
Summary BXSL and MSDL are both defensive BDCs with a focus on first-lien debt, sharing several similarities. MSDL's valuation is more attractive compared to BXSL, trading closer to its NAV, making it a better value investment with a slightly higher regular dividend yield. I own both BDCs, but despite BXSL's solid performance, I see a greater risk-to-reward ratio in MSDL and will continue reinvesting in it. Read the full article on Seeking AlphaSeeking Alpha • Jan 13
Blackstone Secured Lending Fund: An Income Producing Alternative Generating A Yield Of Almost 10%
Summary BXSL has increased its portfolio by $2.48 billion while expanding the number of portfolio companies by 64 YoY which helps risk mitigation. BXSL's portfolio has grown to 98.7% of its investments tied to Senior Secured Debt which is bullish as its the most favorable debt for lendors. BXSL continues to increase the amount of net investment income it generates and as its investments at fair value increases. A lower rate environment could be bullish for BXSL as its investments are primarily issued with floating rate debt and BXSL's cost of borrowing should decline as rates go lower. Read the full article on Seeking AlphaSeeking Alpha • Dec 13
Blackstone Secured Lending: Outperformance Streak Continues; Watch Valuation
Summary Blackstone Secured Lending delivered a 3.2% total NAV return in Q3, outperforming the sector median. BXSL trades at a 17% premium to book value and offers a 9.7% dividend yield, with net income yield on price at 11.5%. The company's portfolio quality remains high with low non-accruals and strong diversification, though the net yield margin has fallen due to tighter spreads and higher interest expense. BXSL is a consistent outperformer with a high-quality portfolio and low management fees, but its elevated valuation suggests waiting for a price drop to add a position. Read the full article on Seeking AlphaSeeking Alpha • Dec 05
Blackstone Secured Lending Vs. Golub Capital: Tough Call, But One Is Superior
Summary Blackstone Secured Lending and Golub Capital BDC, both top-tier BDCs with many fundamental overlaps. Each of them could be considered for protected base dividends. Yet, if we compare them side by side, one of them seems to be a superior durable income pick. Read the full article on Seeking AlphaSeeking Alpha • Nov 27
Blackstone Secured Lending: A 10%-Yielding BDC Gem
Summary Blackstone Secured Lending is a top BDC investment due to its strong dividend coverage, high-quality portfolio, and low non-accrual percentage. BXSL's first lien-strategy and robust underwriting standards minimize loan write-off risks, ensuring portfolio stability and investor confidence. Despite a 21% premium, BXSL's consistent excess dividend coverage and secure 10% yield justify the higher valuation. Potential risks include exposure to variable rate loans amid potential federal fund rate cuts, but overall, BXSL remains a reliable, "sleep-well-at-night" BDC investment. Read the full article on Seeking AlphaSeeking Alpha • Nov 19
Blackstone Secured Lending: A Growth BDC That Makes For A Good Long-Term Investment
Summary Blackstone Secured Lending showed strong growth during recent earnings, with solid net asset value and income increases, positioning it well to be a long-term investment. BXSL's high first-lien loan exposure and low non-accrual rates highlight its strong credit quality and management's underwriting ability. BXSL's 118% dividend coverage and attractive P/NAV ratio of 1.16x make it a compelling buy despite trading at a premium. Risks include potential high inflation impacts, but BXSL's fundamentals and liquidity position support continued growth in a low interest rate environment. Read the full article on Seeking AlphaSeeking Alpha • Nov 12
10%+ Yields: Why Morgan Stanley Direct Lending Is The New Blackstone Secured Lending
Summary BXSL has been one of the best-performing BDCs of the past few years. I think MSDL is poised to experience similar outperformance moving forward. In this article, I explain why. Read the full article on Seeking AlphaSeeking Alpha • Oct 21
Main Street Vs. Blackstone Secured Lending: One Is Superior Pick For Defense
Summary Blackstone Secured Lending and Main Street Capital are top defensive BDCs, both carrying one of the strongest fundamentals in the sector. They have delivered correlated returns, outperforming the index over the past 3 years in a notable fashion. Both BXSL and MAIN are recommended core allocations for BDC investors seeking durable income and defensive characteristics. Yet, when compared both BDCs side by side, in my opinion, one of them has clearly stronger defensive profile, and thus higher chances of delivering truly sustainable dividends going forward. Read the full article on Seeking AlphaSeeking Alpha • Oct 08
Blackstone Secured Lending Is My Go-To BDC To Sleep Well At Night
Summary BXSL stands out in the BDC sector with a highly defensive, first-lien debt-focused portfolio, ensuring security and low default risk. Despite potential interest rate cuts, BXSL should maintain sufficient dividend coverage. Valuation remains attractive with a reasonable premium to net asset value, reflecting BXSL's quality and capital-gathering ability, making it a solid addition to portfolios. BXSL offers a compelling risk-to-reward ratio with solid diversification, low non-accruals, and resilience to interest rate shifts, despite potential market volatility. Read the full article on Seeking AlphaSeeking Alpha • Sep 07
Blackstone Secured Lending: A 10% Yielding BDC Cash Cow
Summary Blackstone Secured Lending is a top BDC choice for income investors due to its high-quality, well-performing investment portfolio and strong dividend support. Despite a minor decline in balance sheet quality, BXSL's non-accrual percentage remains low at 0.3%, showcasing its superior asset quality. BXSL generated $173M in net investment income in Q2'24, with a 1.16X dividend coverage ratio, indicating potential for future dividend increases. Trading at an 11% premium to NAV, BXSL's valuation reflects investor confidence in its strong NII and dividend potential. Read the full article on Seeking AlphaSeeking Alpha • Aug 28
Blackstone Secured Lending: Another Strong Quarter For This 10.2%-Yielding BDC
Summary We provide a Q2 update of the Blackstone Secured Lending Fund. Blackstone Secured Lending delivered a 4.2% total NAV return in Q2, one of the best results in coverage. Blackstone has its largest exposure to software and healthcare companies; it trades at an 11% premium to book value with a 10.2% dividend yield. Read the full article on Seeking AlphaSeeking Alpha • Aug 09
Blackstone Secured Lending: High-Quality Pick At A Time When Defense Matters
Summary Blackstone Secured Lending is one of the highest quality BDCs out there. Theoretically, one might argue that the dividend coverage of 113% is too small and the fact that it trades at a premium renders BXSL unattractive. However, if we dissect the fundamentals, we will quickly understand that a premium is justified and the underlying dividend is very safe. In this article, I explain the key reasons why I am bullish here. Read the full article on Seeking AlphaSeeking Alpha • Jul 16
Blackstone Secured Lending: Is This 10% Yield Sustainable?
Summary Blackstone Secured Lending runs a high-quality portfolio with low leverage, solid assets, and a low cost of capital. This BDC's focus on Senior Lien secured loans should provide safe harbor in economic storms, and management is using a conservative amount of leverage. Despite these advantages, BXSL's premium to Fair Value and exposure to floating rate debt make it a suboptimal choice as we sit on the precipice of a rate cut cycle. We rate BXSL a 'Hold'. Read the full article on Seeking AlphaSeeking Alpha • Jul 04
Blackstone Secured Lending: Strong Dividend Coverage And Growing Investment Commitments Make This A Buy
Summary Blackstone Secured Lending Fund is an externally managed BDC that maintains a wide range of exposure to several industries. The BDC focuses on maintaining quality debt investments on a majority senior secured and floating rate basis. BXSL's non-accruals remain incredibly low, which reinforces management's underwriting ability. The dividend yield sits at 9.9% and has a history of increases, which can make BXSL a strong dividend compounder. Read the full article on Seeking AlphaSeeking Alpha • Jun 14
Blackstone Secured Lending: The Fed Just Made This 10% Yielding BDC A Strong Buy (Rating Upgrade)
Summary The Federal Reserve said that it only expects to cut rates once in FY 2024, resulting in a higher-for-longer rate world. Blackstone Secured Lending therefore benefits from its variable rate loan strategy. The dividend has been well-covered with NII. A low non-accrual percentage is a distinguishing feature of BXSL. Improved NII prospects and top balance sheet quality justify a rating upgrade, in my opinion. Read the full article on Seeking AlphaSeeking Alpha • Jun 03
Blackstone Secured Lending: This Near 10% Yielding BDC Is Worth Buying On A Pullback
Summary Blackstone Secured Lending has seen its share price appreciate by nearly 23% in the past year, leading to a significant premium to its NAV price. BXSL's latest quarter showed a decline in net investment income, but net income increased, and dividend coverage remained solid. I think that a pullback in BDC share prices may occur once interest rates decline, and suggest investors to wait for a better entry point. Most expect interest rates to decline by September, and if so, BDCs' financials will likely decline as a result of their predominantly floating rate portfolios. If history repeats itself, once interest rates decline, BDCs will also see pullbacks in their share prices. Read the full article on Seeking AlphaSeeking Alpha • May 10
Blackstone Secured Lending Fund May Be Worth The Premium Yielding 9.54%
Summary Blackstone Secured Lending Fund is gaining attention despite having fewer followers than other BDCs. There are risks associated with investing in BXSL, including potential impact from declining interest rates and economic downturns. BXSL is backed by Blackstone and has a strong funding profile, well-diversified investments, and a growing dividend, making it an attractive investment option. Read the full article on Seeking AlphaSeeking Alpha • Apr 05
Blackstone Secured Lending: High-Quality BDC Deserves Its Outperformance
Summary Blackstone Secured Lending Fund has delivered a 1-year total return of almost 40%, underpinned by a higher-quality portfolio composition. BXSL may face scrutiny on its net investment income per share accretion in 2024 as interest rates have likely peaked. The Fund's high quality should demand a valuation premium. However, it isn't immune to economic downturn risks. As BXSL's valuation normalized after last year's battering, the risk/reward is increasingly unattractive. I argue why investors shouldn't rush into BXSL at the current levels. Read the full article on Seeking AlphaSeeking Alpha • Mar 14
Blackstone Secured Lending Q4: Top Performing BDC But Too Expensive Here
Summary BXSL has outperformed the S&P in total returns with more than 40% compared to the S&P's 28% over the past year. This along with their double-digit dividend increase and defensively positioned portfolio has caused their share price to rise to a P/NAV ratio of 1.16x. With interest rates expected to decline, I expect their share price to fall to more favorable levels and think BXSL is a buy under $28 a share. Additionally, the company has most of its debt investments in floating rate loans at nearly 99%. This could cause dividend coverage to become tighter if Nll falls, which in turn could also cause the share price to decline. Despite a strong 2023, the BDC did see a rise in PIK income year-over-year. And this could rise further if the economy falls into a recession. Read the full article on Seeking AlphaSeeking Alpha • Mar 03
Blackstone Secured Lending: Top Credit Quality And A 10% Yield Make This BDC A Buy
Summary Blackstone Secured Lending reported solid earnings in 4Q-23, with net investment income exceeding dividends, leading to a 1% increase in net asset value per share. The BDC boasts exceptional credit quality, with a focus on Senior Secured Debt and First Liens, distinguishing it from other BDCs with diverse portfolios. Despite trading at a premium to net asset value, Blackstone Secured Lending's 10% yield, strong non-accrual position, and robust investment commitments make it a compelling buy. Read the full article on Seeking AlphaSeeking Alpha • Jan 30
Blackstone Secured Lending Fund: An 11% Yielding Must Own Best-Of-Breed BDC
Summary Blackstone Secured Lending Fund is a BDC that offers retail investors a way to participate in the private lending market. I recently added to my Quality Income portfolio BXSL position based on the BDC's outstanding performance and latest earnings details. BXSL's strong results, credit performance, and focus on credit quality make it a Must Own "best-of-breed" BDC. Read the full article on Seeking AlphaSeeking Alpha • Dec 31
Blackstone Secured Lending: 11.2% Dividend Yield, I'm Buying Any Dips
Summary Blackstone Secured Lending has seen its net asset value per share continue to rise as it continues to out-earn its quarterly base dividend. The BDC maintains a high underwriting quality with loans on non-accrual status of only 0.1% at the end of its fiscal 2023 third quarter. BXSL's investment activity has been ramped up significantly, signaling preparation for continued growth in a falling rate environment. Read the full article on Seeking AlphaSeeking Alpha • Dec 07
BXSL Uncovered: Comprehensive Insights Into Its Investment Strategy And Performance
Summary Blackstone Secured Lending Fund focuses on first-lien senior secured loans in low-default sectors. Blackstone Secured Lending reported a significant growth in net investment income and net income in Q3 2023. The fund maintains a strong liquidity position and declared a Q4 2023 dividend of $0.77 per share. Read the full article on Seeking AlphaSeeking Alpha • Nov 29
BXSL: Q3 Update - Another Quarter Of Outperformance
Summary Blackstone Secured Lending Fund delivered a 4.0% total NAV return, outperforming the sector once again. The BXSL closed-end fund is trading at a 6% premium to book value and has a dividend yield of 10.9%. Net investment income fell in Q3 due to lower interest and fee income, higher incentive fees, and an increase in new shares. BXSL stock no longer trades as cheap as it has in the past, however, a drop to the sector average valuation would make us upsize our allocation. Read the full article on Seeking AlphaSeeking Alpha • Nov 22
Blackstone Secured Lending: Delivering Results With An ~11% Yield
Summary Blackstone Secured Lending Fund announced decent quarterly results with rising net investment income and also saw NAV per share increase. The company's conservative approach and limited non-accruals reflect its strong position, with Blackstone being a top-tier manager in the alternative asset world. The BDC's dividend coverage remains strong, providing flexibility and helping to continue to fuel growth in NAV per share. Read the full article on Seeking AlphaSeeking Alpha • Oct 19
Blackstone Secured Lending: A Highly Defensive 11.2% Yield
Summary Blackstone Secured Lending recently hiked its dividend by 10% and currently offers an 11.2% annualized forward dividend yield. The BDC is taking several defensive steps to position itself for what could be heightened economic volatility next year. NAV per share is set to grow on the back of BXSL's net investment income being significantly in excess of the dividend. Read the full article on Seeking AlphaSeeking Alpha • Sep 18
Building A Balanced Portfolio With Blackstone Secured Lending
Summary This is a series of articles discussing retirement portfolios using BDCs currently yielding around 12% and their safer notes, baby bonds/preferred shares with yield-to-maturities ranging from 6% to 9%. This article discusses the interest expense and asset coverage ratios for one of the higher quality BDCs and its investment-grade bond. I prefer bonds/notes (with CUSIPS) to the Baby Bonds (with tickers), due to the "make-whole premiums," compensating bondholders for the interest they would have earned if they were called/redeemed early. The following table shows some examples of allocations and my personal portfolio (not exact) with portfolio yields ranging from 5.2% to 9.4%. Read the full article on Seeking AlphaSeeking Alpha • Aug 21
BXSL: Another Outperforming Quarter But Now With A Dividend Hike
Summary Blackstone Secured Lending Fund delivered a 3.5% total NAV return, outperforming the sector, and raised its base dividend by 10%. BXSL is one of the largest BDCs with a focus on upper middle-market borrowers, particularly software and healthcare companies. The company's net investment income increased by over 14% and its NAV rose for the third straight quarter, reaching a new high since its IPO. Read the full article on Seeking AlphaSeeking Alpha • Aug 14
Blackstone Secured Lending Fund Q2 Earnings: I'm Backing Up My Truck
Summary Blackstone Secured Lending Fund recently reported its Q2 2023 earnings, exceeding analysts' estimates on NII and total investment income. The BDC recently had its price target raised from $28 to $31 and upgraded to a strong buy. BXSL trades at a small premium to NAV but due to being a fairly new BDC and projected growth, I think the stock is a strong buy currently. The BDC has experienced insider buying recently, signaling confidence in the company's growth and earnings in the near future. The company has a strong balance sheet, with only 12% of debt maturing in the next two years. Read the full article on Seeking AlphaSeeking Alpha • Jul 25
Blackstone Secured Lending: 5 Things I Like Better Than Ares Capital
Summary BXSL is a premier BDC managed by the largest asset manager Blackstone with over $1 trillion in Assets Under Management. BXSL has a low non-accrual rate at 0.14%, lower than popular BDC ARCC's 2.3%. BXSL has returned 10.3% total net return to shareholders since its inception and besides debt maturities in the month of July, has no remaining debt maturing until May of 2025. BXSL focuses on first-lien senior secured opportunities with structural protection at 97.9% and 99.9% of its debt floating rate. BXSL also managed to grow its NAV from $25.93 to $26.10 from December 22' to March 23' and NII 52% year-over-year. Read the full article on Seeking AlphaSeeking Alpha • Jul 11
Blackstone Secured Lending: A Superior 11% Yield
Summary The Blackstone Secured Lending Fund currently yields 11.4%, making it a high-yield option for income-seeking investors. BXSL benefits from the size, expertise, and quality of its external manager, Blackstone Credit, which contributes to its well-managed business development operations. BXSL focuses on investing in secured debt instruments, particularly first-lien senior secured and unitranche loans, offering a top-tier portfolio with a defensive nature and favorable risk profile. Read the full article on Seeking AlphaSeeking Alpha • Jun 26
Blackstone Secured Lending: A 10% Raise From This 11% Yielder
Summary Blackstone Secured Lending Fund is a quality business development company with a well-diversified portfolio, mostly consisting of first lien senior secured debt investments. BXSL is set to benefit from higher interest rates, with a higher investment spread and higher yields on its debt investments. BXSL stock is a solid choice for income investors, with a well-covered dividend yield and a fee-friendly structure. Read the full article on Seeking AlphaSeeking Alpha • May 26
BXSL: Another Quarter Of Outperformance With Significant Dividend Upside
Summary We catch up on Q1 results from BDC Blackstone Secured Lending and highlight key income dynamics of the portfolio. The company delivered another NAV gain and net income rise over the quarter. Non-accruals rose but remain near zero and well below the sector average. BXSL continues to outperform the sector given its first-lien focus and higher-quality portfolio. BXSL is no longer trading obviously cheap. We would consider adding to our position on a pullback relative to the sector. Read the full article on Seeking AlphaSeeking Alpha • Jan 11
Blackstone Secured Lending: Underappreciated 10% Yield
Summary Blackstone Secured Lending carries a well-diversified portfolio of mostly first-lien secured loans and has no investments in non-accrual. It has a shareholder-friendly fee structure and has a good track record of paying a regular dividend supplemented by special dividends last year. BXSL trades at a meaningful discount to NAV per share, setting up investors for potentially strong total returns. A good number of BDCs have fallen materially over the past year. While the bigger names like Ares Capital (ARCC) and Owl Rock Capital (ORCC) attract a lot of attention, I also see value in lesser followed names that also support a high yield. This brings me to Blackstone Secured Lending Fund (BXSL), which, as seen below, has fallen by 22% over the past year and trades just a few percentage points above its 52-week low of $22. In this article, I highlight what makes BXSL a very appealing choice for high income investors at present. BXSL Stock (Seeking Alpha) Why BXSL? Blackstone Secured Lending Fund is a BDC that's managed by Blackstone (BX), one of the biggest asset managers in the world. This benefits BXSL in that it gains a strong network with market insights and deal flow that it would not otherwise have. BX's platform includes 516 credit professionals across 17 offices worldwide. Moreover, Blackstone has a long 15 year track record in direct lending with a defensive philosophy that's resulted in just a 0.1% annual loss rate among its investment vehicles. BXSL was launched four years ago, and recently passed its one-year anniversary as a public company. In a good move for BXSL's shareholders, BX also charges a low base management fee of just 0.75% for BXSL's initial 2 years, and 1% thereafter. This compares favorably to most other externally managed BDCs such as Ares Capital, which charges a 1.5% base fee. At present, BXSL carries a well-diversified portfolio across 172 companies. It has zero assets on nonaccrual, and management maintains a safe investment profile, with 98% first lien senior secured loans. Moreover, the portfolio companies carry on average a low loan to value ratio of just 47%. Each portfolio company's borrowing represents on average just 1% of the portfolio total, and the borrower base is overall healthy, with just 1% with fair value marked below 90% of par. As shown below, defensive and growth industries such as software, healthcare, professional services, insurance, and commercial services and supplies make up half of BXSL's portfolio. BXSL Portfolio Mix (Investor Presentation) Looking forward, BXSL is well-positioned for rising rates, with a 100% floating rate portfolio, while 58% of its debt is fixed rate. This enables BXSL to take advantage of a rising investment spread. While higher interest rates may put pressure on borrowers, BXSL's borrowers are in overall good shape with interest coverage of 2.7x. Plus, BXSL's investment style and structure is designed for challenging macroeconomic environments. This is supported by management's comments during the last conference call, highlighting the low fee structure and share buybacks: When we created BXSL and BCRED our non-traded BDC, we told investors that we would lead the market with best practices, including lowering our fees so we could build a more defensive portfolio that would protect capital in more challenging market conditions, yet still deliver attractive returns. Despite macroeconomic headwinds on the horizon, we believe the outlook for BXSL shareholders is bright. Blackstone is highly focused on shareholder experience, we set our fees materially lower than the average public BDC, we've elected not to scrape fees for the manager. We have a performance look back mechanism and we just finished a $263 million buyback including repurchases after quarter end.Seeking Alpha • Dec 22
Blackstone Secured Lending: 10+% Dividend Yield And 12% Discount To NAV
Summary With a portfolio of first lien, floating rate loans, Blackstone Secured Lending is well positioned for a weaker economic environment and higher interest rates. Blackstone Secured Lending uses less leverage than most BDCs, making it a defensive choice in a weakening economy. Trading at just 88% of NAV and yielding 10.7%, I expect that Blackstone Secured Lending should generate a mid to high teens returns to investors for the next few years. Blackstone Secured Lending (BXSL) is a BDC managed by Blackstone (BX) which came public in October of 2021 at $26.15 per share (equal to its NAV at the time). After factoring in dividends (and special dividends) received, the total return has been -4% which compares favorably to the broader equity market (SPY total return -14% since BXSL IPO). With a low leverage profile and positive exposure to rising interest rates, I think BXSL has a positive risk reward for income oriented investors. Further, as I outline below, I think the company is well positioned to weather an economic storm. Positives Blackstone Secured vs. BDC peers (Investor Presentation) There are many things to like about BXSL, including: BXSL is managed by Blackstone the world's largest private equity firm and has unparalleled access to deal flow which is an ongoing source of opportunity for BXSL. 100% of the loans made by BXSL are floating rate - this means that BXSL benefits from the rise in interest rates. There is a slight lag between rate increases and an increase in BXSL's earnings - for instance third quarter results do not yet reflect the full benefit from rising interest rates. While BXSL earned $0.80 in the third quarter, on the company's third quarter conference call, management noted that earnings would have been $0.90 (+12.5%) at the (then) prevailing interest rate: Management Commentary on the impact of interest rates (3Q22 Earnings Transcript from Seeking Alpha) Note that Libor has since increased another 100 bps suggesting quarterly earnings could be in excess of $1. Strong probability of dividend increase and special dividends. As mentioned above, I expect BXSL could earn $1 per quarter in the current interest rate environment. BXSL is structured as a BDC which means that it is required to pay out 90% of net income. This would allow the company to return $3.60 per share to shareholders (versus $2.40 annual regular dividend). BXSL has relatively low leverage at just 130% of equity (versus 200% median for large cap BDCs as shown above). Should BXSL incur losses in its loan book, it won't have an outsized impact on NAV. Further, 58% of BXSL's debt outstanding have fixed rates (fixed rate debt has an average cost below 3.0%) so while BXSL's assets are benefitting from higher rates, its cost of funds is less impacted, increasing its spread and earnings. While BXSL lends to leveraged firms, the loan to value ('LTV') is just 47% which means that there is a large cushion (values have to decline more than 50%) before BXSL shareholders incur a loss. As shown below, BXSL lends primarily to companies with high levels of recurring income and which should fare well in an economic downturn.Seeking Alpha • Nov 10
Blackstone Secured Lending NII of $0.80 beats by $0.12, Total investment income of $227M beats by $19.98M
Blackstone Secured Lending press release (NYSE:BXSL): Q3 NII of $0.80 beats by $0.12. Total investment income of $227M (+35.9% Y/Y) beats by $19.98M. The Company’s Board of Trustees has declared a quarterly dividend of $0.60 per share to shareholders of record as of December 31, 2022, payable on January 31, 2023. Shares +6.06% PM.Seeking Alpha • Sep 07
Blackstone Secured Lending declares $0.60 dividend
Blackstone Secured Lending (NYSE:BXSL) declares $0.60/share quarterly dividend, 13.2% increase from prior dividend of $0.53. Forward yield 10.0% Payable Nov. 14; for shareholders of record Sept. 30; ex-div Sept. 29. The increase in its regular quarterly distribution from $0.53 per share to $0.60 per share represents a 9.3% annualized distribution yield based on second quarter NAV per share of $25.89. See BXSL Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Aug 29
Better Buy: Main Street's 6.50% Yield Or Blackstone Secured Lending's 9.73%
Summary Both Main Street Capital and Blackstone Secured Lending are high-yielding BDCs. MAIN has a tremendous track record whereas BXSL pays out a much higher dividend yield. Which one is the better buy? Both Main Street Capital (MAIN) and Blackstone Secured Lending (BXSL) are investment grade high yield business development companies (i.e., BDCs) (BIZD). MAIN has a tremendous track record whereas BXSL pays out a much higher dividend yield. In this article, we will compare them side by side and offer our take on which one is a better buy. Main Street Capital Vs. Blackstone Secured Lending - Balance Sheet Both MAIN (BBB- with a stable outlook) and BXSL (Baa3 Stable from Moody's) have investment grade credit ratings which implies they both have solid balance sheets. MAIN's leverage ratio is 0.98x and its liquidity is $518.4 million. Furthermore, it has little exposure to floating rate debt as only 20% of its total debt is floating rate. BXSL's leverage ratio is 1.34x and its liquidity is $890 million. Furthermore, 45% of its debt is floating rate, indicating that the majority of its debt is fixed rate. While both businesses have solid balance sheets, MAIN's has significantly less leverage and less than half the exposure to floating rate debt that BXSL does. As a result, we give the edge to MAIN here. MAIN Vs. BXSL - Investment Portfolio MAIN's portfolio is 69% invested in senior secured debt and 59% positively exposed to rising interest rates. It also has a more defensive weighting with its top sectors including among them more defensive industries like software, commercial services, and diversified consumer services. The portfolio underwriting has been pretty good thus far, with non-accruals at just 0.7% at fair value. BXSL's portfolio is 97.6% invested in first lien senior secured debt, only 1.7% of its portfolio is invested in equity, and its average loan to value ratio is 46.4%, making it quite conservative in nature. Unsurprisingly, it enjoys a 0% non-accrual rate on its debt investments at the moment, reflecting its emphasis on first lien senior secured debt and its relatively low loan to value ratio. Both businesses appear very well positioned to benefit from rising interest rates. 100% of BXSL's debt investments are floating rate and management stated on its most recent earnings call: we expect material growth in net investment income from the recent increase in short-term interest rates… we expect the benefit from higher rates to largely begin this quarter, given the timing of base rate resets. Our macro view from Blackstone's Chief Investment Strategist, Joe Zidle, is that base rates should go higher and stay elevated for longer than the curve suggests, driven in large part by continued near-term economic momentum and inflation that could prove more persistence and consensus expects, with pressures across wages and shelter costs. In short, we believe interest rates represent a meaningful near-term tailwind to the earnings power of BXSL and our ability to pay dividends. Meanwhile, MAIN's CEO stated on its Q2 earnings call: One additional item that I wanted to touch on is the impact of rising interest rates. During the quarter, LIBOR rates increased by approximately 130 basis points from those in effect as of March 31st to June 30th. At the end of the second quarter, 80% of our outstanding debt obligations maintain fixed interest rates. On the other hand, approximately 75% of Main's debt investments for interest rates at floating rates with weighted average contractual interest rate floor of low current market index rates. As a result, in a rising interest rate environment, our exposure to higher interest expense is largely mitigated and over time, increases to our interest income will exceed the increases to our interest expense. It is important to note that the majority of our variable interest rate investments are based on contracts which reset quarterly, whereas our credit facility resets monthly. As a result, we generally will have a quarterly lag in the realization of benefits from rate increases in our interest income and net investment income. While MAIN's portfolio has proven to be exceptional during an economic boom with record low interest rates, we favor BXSL's senior secured debt heavy portfolio with greater exposure to rising interest rates in the current stagflationary environment. As a result, we give BXSL the edge here. MAIN Vs. BXSL - Dividend Safety BXSL's dividend coverage appears to be satisfactory for the time being, given that management highlighted its "well-covered dividend" on the earnings call and backed up that talk with actual money due to the three special dividends paid out in the first half of the year. In Q2, BXSL out-earned its dividend by 17% and management stated: We believe our dividend coverage is poised to grow in the near-term as portfolio yields benefit from higher interest rates. Something we discussed last quarter and are now seeing play out across the portfolio...We have now out-earned our regular dividend for 13 straight quarters. MAIN's dividend coverage was also quite strong during its most recent quarter. Distributable net investment income out-earned total regular monthly dividends paid during the quarter by 21%. Management used some of the excess earnings to pay out a special dividend to shareholders, which was highlighted on the Q2 earnings call: Based upon our results for the second quarter and the positive performance of our existing portfolio of companies, combined with our favorable outlook in each of our primary investment strategies and for our asset management business and the benefits of our efficient operating structure, earlier this week, our Board declared a supplemental dividend of $0.10 per share payable in September and an increase in monthly dividends for the fourth quarter of 2022 to $0.22 per share payable in each of October, November and December. These monthly dividends represent a 4.8% increase from the fourth quarter of 2021 and a 2.3% increase from the third quarter of 2022.The supplemental dividend for September is due to our strong performance in the second quarter, which resulted in DNII per share, it was over $0.13 or 21% greater than the monthly dividends paid during the quarter. This represents our fourth consecutive quarter of paying a supplemental dividend and result in total supplemental dividends paid over the last year of $0.35 per share, representing an additional 13% paid above our monthly dividends and an increase in total dividends paid for the trailing 12-month period of 18.5% over the prior year. We are pleased to have been able to deliver this significant additional value to our shareholders. Given that both companies have solid coverage ratios of their regular dividends, we are making this a draw. MAIN's coverage ratio is slightly better, but the fact that BXSL's portfolio is much more concentrated in debt than MAIN's is and also has greater exposure to floating rates, we expect its coverage ratio to improve relative to MAIN's in the coming quarters as we enter an economic downturn and interest rates continue to rise. MAIN Vs. BXSL - Track Record When it comes to track record, MAIN has outperformed BXSL over a very short time period of comparison: MAIN Total Return Price data by YChartsSeeking Alpha • Aug 23
BXSL: Another Strong Quarter From This 8.4% Yielding BDC
We discuss Q2 results from the Blackstone Secured Lending Fund and highlight key income dynamics of the portfolio. BXSL had a modest NAV drop from wider credit spreads over Q2 but delivered a strong +1.9% total NAV return - among the best in the sector. Net income rose slightly and should continue to gather speed as the rise in short-term rates is passed through. Non-accruals remain at zero and management appear happy with portfolio quality. BXSL continues to trade cheaper to the sector average valuation - a gap we expect to close given its strong track record, portfolio quality and low fee structure. This article was first released to Systematic Income subscribers and free trials on Aug. 16. In this article, we catch up on Q2 results from the Business Development Company Blackstone Secured Lending Fund (BXSL). BXSL is currently trading at a dividend yield of 8.4% and a valuation of 97%. The company pays a base dividend of $0.53 and will pay a final special dividend of $0.20 in November this year. The series of special dividends this year was put in place in order to mitigate lock-up expirations from its recent IPO. We expect the company to raise its base dividend or put in place supplemental dividends given its very high dividend coverage which we expect to move even higher on the back of the tailwind from rising short-term rates. The company's less cyclical sector focus of software, healthcare, professional services and others is not out of line with the rest of the BDC sector. BXSL Over the past year BXSL has significantly diversified its portfolio by increasing its portfolio companies from 111 to 163 - about 20% above the average BDC. It also moved towards larger companies, increasing its weighted-average EBITDA from $74m to $149m. There is some argument about which part of the middle-market segment is best. As would be expected, BXSL, just as ARCC, takes the view that larger companies tend to boast more diversified revenue streams, broader customer base, deeper management and other more attractive features relative to smaller companies. It is also worth highlighting the company's low fee structure. For a two year period after its Oct-2021 IPO, the company will charge 0.75% as its management fee (to rise to 1% in late 2023) and incentive fees will be 15% (to rise to 17.5% in late 2023) - both well below the sector average. What's important to note is that even when the fees rise to their full level in 2023 they will be at the bottom of externally-managed BDC fees. If there is an unfriendly element it is the low hurdle of 6% for the net income incentive fee, whereas most BDCs start at least at 7%, though a 6% lower hurdle is shared by a handful of other BDCs. BXSL also has a 3-year look back hurdle which is a great feature to see - less than half of BDCs have any total return lookback hurdle in their fee structure. The fee structure is summarized in the table below. BXSL Quarter Update BXSL NAV fell a bit less than 1% which puts it near the top-end of the Q2 BDC reports in our 29-name universe. The company's total NAV return for Q2 was a very strong 1.9% or more than 2% above the sector average. Systematic Income Much of the drop in the NAV was due to the special dividend which was in excess of the company's net income. The combination of realized and unrealized net losses was about half of one percent. BXSL The company's NAV is very close to its pre-COVID level which is always good to see. Systematic Income BXSL delivered a 2% gain in net income (blue bars) from Q1 though the Q2, primarily driven by higher short-term rates. Systematic Income BDC Tool Historically, fee income from prepayments has not been a large driver of net income so in this sense the broader slowdown in prepayments across the sector has not hurt BXSL to the same extent as other companies. Systematic Income BDC Tool Over Q2 and so far in Q3 the company bought back $121m worth of shares at an average price of $23.94 or 7% below the Q2 NAV of $25.89 which was and will be accretive to the NAV. There is $141m remaining in the buyback program. Income Dynamics BXSL continues to run with positive net new investments which will provide an additional tailwind to income. Systematic Income BDC Tool It also explains the growth in leverage. The company finished the quarter at leverage of 1.34x which is well above its 1.25x target (on the call management called this "slightly above" which tortures the meaning of "slightly" in our view). They also confirmed they are comfortable with this level in the short-term so there shouldn't be an income headwind from deleveraging. Systematic Income BDC Tool The company's interest expense rose to 3.1% which is 0.5% below the sector average. The weighted-average yield on assets increased by 0.6% or double the increase in interest expense. Systematic Income BDC Tool The company has an above-average amount of floating-rate assets (100% vs. 91% average), a slightly higher level of floating-rate debt and an above-average level of leverage. Net net, this gives it a higher income beta to rising short-term rates relative to the sector. Systematic Income BDC Tool All else equal, a 1% rise in short-term rates relative to their Q2-end levels will boost net income by 17.5% (about 6% higher than the sector average). For comparison, 3-month Libor has already risen by 0.7% since the end of Q2. To give some perspective on its net income, the average base rate (i.e. Libor or SOFR) accrued over Q2 was 1.1% despite Libor being 2.3% at the end of June (and 2.9% as of this writing). This gives a sense of the lag with which an increase in short-term rates gets passed through to income. We don't expect net income to increase by the full "theoretical" amount but the bump should still be substantial. Systematic Income BDC Tool About 13% of the company's fixed-rate debt will mature in 2023 which will very likely push its interest expense slightly higher if the debt is refinanced and credit yields remain roughly where they are. Portfolio Quality Portfolio non-accruals continue to run at zero. PIK income has grown to about the sector average level and is worth watching, though it's not always an indicator of falling quality. Systematic Income BDC Tool Q2 registered a small realized loss - a shift from a previously very strong net realized gain profile. Systematic Income BDC Tool Overall, management appears quite happy with portfolio quality and the various metrics don't run counter to that. The company's less cyclical allocation, high first-lien exposure, relatively low asset-side yields and a very low historical annualized loss rate in US lending of 0.11% is indicative of a higher-quality underwriting. The company's average interest coverage on its loans is 2.7x. At Libor of 4.3% (versus a 3.9% market consensus peak and 2.9% level as of today) the percentage of loans with less than 1x of interest coverage is expected to be 4% - not a huge amount. Valuation And Return Profile The valuation of BXSL has deflated over time in its post-IPO period on the back of an initially expensive level as well as a series of lock-up expirations which are now behind it. Over the last couple of months the company has traded at a lower valuation than the broader sector. Systematic Income This chart shows the differential of its valuation versus the sector, showing that it currently trades around 5% below the sector average valuation.Seeking Alpha • Aug 11
Blackstone Secured Lending NII of $0.62, Total Investment Income of $186.99M beats by $4.36M
Blackstone Secured Lending press release (NYSE:BXSL): Q2 NII of $0.62. Total Investment Income of $186.99M (+38.4% Y/Y) beats by $4.36M.Seeking Alpha • Jul 14
Blackstone Secured Lending goes ex-dividend tomorrow
Blackstone Secured Lending (NYSE:BXSL) had declared $0.20/share dividend. Payable Nov. 15; for shareholders of record July 18; ex-div July 15. See BXSL Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • May 23
Blackstone Secured Lending Fund: Adding To This Relatively Defensive BDC
We take a look at BXSL - a Business Development Company with a strong track record, relatively defensive profile, and an 8.5% regular dividend yield. The stock has outperformed the sector in Q1 of this year in total NAV terms as its valuation has cheapened considerably. BXSL is likely to see some volatility given a sizable lock-up expiration in July, mitigated partly by its buy-back program. We recently added BXSL to our High Income Portfolio when it traded down to a valuation of around 95%.Seeking Alpha • Jan 11
BXSL: Blackstone BDC Goes Public With Valuation Under Pressure
BXSL is a recently IPO'd private fund from Blackstone that has been delivering strong results for several years. The portfolio is almost entirely in floating-rate first-lien loans. Credit quality looks strong with modest realized and unrealized losses, no non-accruals, and low PIK income. The stock features a 6.84% regular dividend yield which increases to 8.93% with the 2022 announced special dividends. Regular dividend coverage is above 100%. The company's fee is among the best in class for BDCs with external advisers due to the rock-bottom 0.75% base fee and other factors, though the low hurdle is less shareholder-friendly. The valuation of the stock has recently fallen 10% due to the expiration of the first lock-up period and it should continue to come under pressure in the coming months.Seeking Alpha • Jan 02
Hot Blackstone IPO Yielding 8%
Blackstone recently completed an IPO of its Blackstone Secured Lending Fund which is now the fourth largest publicly-traded BDC. The stock price recently increased by 40% on extremely low trading volumes and is now starting to pull back but still overpriced currently around $35.00. I'm expecting another meaningful decline this week due to the expiration of lock-ups on pre-IPO shares combined with the low trading volumes. However, I believe that this is likely one of the higher quality BDCs and I will be purchasing shares at lower prices before its share repurchase agreement kicks in below $26.15.Shareholder Returns
| BXSL | US Capital Markets | US Market | |
|---|---|---|---|
| 7D | -2.8% | 2.2% | -0.4% |
| 1Y | -26.8% | 2.3% | 18.4% |
Return vs Industry: BXSL underperformed the US Capital Markets industry which returned 2.3% over the past year.
Return vs Market: BXSL underperformed the US Market which returned 18.4% over the past year.
Price Volatility
| BXSL volatility | |
|---|---|
| BXSL Average Weekly Movement | 3.2% |
| Capital Markets Industry Average Movement | 3.8% |
| Market Average Movement | 7.3% |
| 10% most volatile stocks in US Market | 16.6% |
| 10% least volatile stocks in US Market | 3.2% |
Stable Share Price: BXSL has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: BXSL's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2018 | n/a | Brad Marshall | www.bxsl.com |
Blackstone Secured Lending Fund is business development company and a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified closed-end investment Fund. On October 26, 2018, the fund elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Fund elected to be treated for U.S. federal income tax purposes, as a regulated investment company (“RIC”), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
Blackstone Secured Lending Fund Fundamentals Summary
| BXSL fundamental statistics | |
|---|---|
| Market cap | US$5.38b |
| Earnings (TTM) | US$438.89m |
| Revenue (TTM) | US$1.39b |
12.2x
P/E Ratio3.9x
P/S RatioIs BXSL overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| BXSL income statement (TTM) | |
|---|---|
| Revenue | US$1.39b |
| Cost of Revenue | US$0 |
| Gross Profit | US$1.39b |
| Other Expenses | US$947.77m |
| Earnings | US$438.89m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 1.89 |
| Gross Margin | 100.00% |
| Net Profit Margin | 31.65% |
| Debt/Equity Ratio | 131.7% |
How did BXSL perform over the long term?
See historical performance and comparisonDividends
13.3%
Current Dividend Yield162%
Payout RatioDoes BXSL pay a reliable dividends?
See BXSL dividend history and benchmarks| Blackstone Secured Lending Fund dividend dates | |
|---|---|
| Ex Dividend Date | Jun 30 2026 |
| Dividend Pay Date | Jul 24 2026 |
| Days until Ex dividend | 10 days |
| Days until Dividend pay date | 14 days |
Does BXSL pay a reliable dividends?
See BXSL dividend history and benchmarksCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/09 21:48 |
| End of Day Share Price | 2026/07/09 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Blackstone Secured Lending Fund is covered by 15 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Derek Hewett | BofA Global Research |
| Sean-Paul Adams | B. Riley Securities, Inc. |
| Arren Cyganovich | Citigroup Inc |