Blackstone Secured Lending Fund
Blackstone Secured Lending Fund is classified under Financials / Banks and appears profitable on the latest normalized snapshot.
Business. Blackstone Secured Lending Fund (BXSL) is a financial services firm operating within the Investment Management & Fund Operators industry. The company generates revenue primarily through interest income, consistent with banking and investment services activities. It is listed on the New York Stock Exchange under the ticker symbol BXSL. Specific details regarding operating segments and geographic presence are not provided.
Analyst recommendations
11 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
1Sector rotation
Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Peers
- DividendDividend USD 1.75/sh2026-09-25 · Bank of America (BAC)
- EarningsQ3 2026 earnings (expected)2026-10-13 · estimated · JPMorgan Chase (JPM)
- EarningsQ3 2026 earnings (expected)2026-10-13 · estimated · Citigroup (C)
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
This is the first analysis for Blackstone Secured Lending Fund (BXSL), establishing a baseline with no prior data for delta computation. Consequently, the most material development is the emergence of a defined institutional holder base, comprising 17 top holders, which provides the initial visibility into the fund's ownership structure. Recent filings detected on June 20, 2026, reveal several notable additions to the fund's shareholder registry. These changes include new positions reported as of March 31, 2026, and June 30, 2024, indicating active accumulation or initial reporting by various investors during these periods. The largest of these new holdings involves an investor acquiring 5,997,970 shares valued at approximately $142.1 million, representing a portfolio weight of roughly 0.86%. Another significant addition includes 4,728,295 shares worth about $112.0 million, accounting for nearly 2% of the portfolio. Smaller but notable additions include positions ranging from 603,429 shares valued at $18.5 million to smaller stakes such as 14,852 shares. These initial holder disclosures matter as they establish the foundational liquidity and institutional interest in BXSL. With no prior analyst coverage or index membership recorded, the presence of these 17 top holders serves as the primary indicator of market participation and capital allocation toward the secured lending fund at this stage of analysis.
Signals & dispatch
Composite-score breakdown
Synthesis
Blackstone Secured Lending Fund (BXSL) is a financial services firm operating within the Investment Management & Fund Operators industry. The company generates revenue primarily through interest income, consistent with banking and investment services activities. It is listed on the New York Stock Exchange under the ticker symbol BXSL. Specific details regarding operating segments and geographic presence are not provided.
Blackstone Secured Lending Fund (BXSL) is currently classified as Commercial Banks within Banks (Financials). Classification confidence: 0.89 (rule-based classification). Capital structure on the latest snapshot: total assets 14,436,610,000 USD, total equity 6,099,680,000, short-term debt 0, long-term debt 0. Net cash position is approximately 351,276,000 USD. Self-calculated market cap is 5,519,485,491 USD (market_price × shares_outstanding_diluted). Profitability profile: revenue 0, gross profit 0, operating income 0, net income 25,246,000. Return on equity ~0.4%. Return on assets ~0.2%. Operating-cash-flow to net-income ratio is 9.87. Risk profile from automated assessment: liquidity risk low, dilution risk medium. Flags: Source documents mention dilution or offering risk.. Recent news context: [TRIGGER] 8-K: 8-K (sec_8k_material) on BXSL — filing_type=8-K; max_severity=high; ignored_items=[]; material_items=['5.02']; all_items_found=['5.02']; severity_per_code={'5.02': 'high'}; contributing_watchers=sec_8k_material (source=sec_8k_material; url=0001213900-26-081414). Additional context: 8-K: filing_type=8-K; max_severity=high; ignored_items=[]; material_items=['5.02']; all_items_found=['5.02']; severity_per_code={'5.02': 'high'}; contributing_watchers=sec_8k_material. Comparable peers identified within the same class: JPMorgan Chase, Bank of America, Citigroup, BAC.O, JPM.N.
This is the first analysis for Blackstone Secured Lending Fund (BXSL), establishing a baseline with no prior data for delta computation. Consequently, the most material development is the emergence of a defined institutional holder base, comprising 17 top holders, which provides the initial visibility into the fund's ownership structure. Recent filings detected on June 20, 2026, reveal several notable additions to the fund's shareholder registry. These changes include new positions reported as of March 31, 2026, and June 30, 2024, indicating active accumulation or initial reporting by various investors during these periods. The largest of these new holdings involves an investor acquiring 5,997,970 shares valued at approximately $142.1 million, representing a portfolio weight of roughly 0.86%. Another significant addition includes 4,728,295 shares worth about $112.0 million, accounting for nearly 2% of the portfolio. Smaller but notable additions include positions ranging from 603,429 shares valued at $18.5 million to smaller stakes such as 14,852 shares. These initial holder disclosures matter as they establish the foundational liquidity and institutional interest in BXSL. With no prior analyst coverage or index membership recorded, the presence of these 17 top holders serves as the primary indicator of market participation and capital allocation toward the secured lending fund at this stage of analysis.
- Observed GAAP P/E is about 218.63x.
- Return on equity is about 0.4%.
- Debt to equity is about 0.0x.
- [TRIGGER] 8-K: 8-K (sec_8k_material) on BXSL — filing_type=8-K; max_severity=high; ignored_items=[]; material_items=['5.02']; all_items_found=['5.02']; severity_per_code={'5.02': 'high'}; contributing_watchers=sec_8k_material (source=sec_8k_material; url=0001213900-26-081414)
- Likely peers from the same classification include JPMorgan Chase, Bank of America, Citigroup.
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bxsl:A20241NotesMember 2019-12-31 0001736035 bxsl:A20241NotesMember 2018-12-31 0001736035 us-gaap:SubsequentEventMember 2026-05-07 2026-05-07 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
Bull / Bear case
Generated · model-assistedAnalysts project 12.2% upside to a mean price target of $26.75, reflecting strong market confidence in the fund's future performance.
The fund trades at a 0.91 price-to-book ratio, indicating a discount to its tangible book value of $6.1 billion.
Net income grew 23.2% year-over-year to $694 million in FY2025, demonstrating significant profitability expansion.
Cash conversion of 9.87 ranks as best-in-class compared to the cohort median of 0.3, highlighting superior efficiency.
Liquidity risk is assessed as low, suggesting the fund maintains adequate resources to meet short-term obligations.
The fund faces medium dilution risk, which could negatively impact per-share value and existing shareholder ownership stakes.
Return on assets of 0.17% is minimal, suggesting limited ability to generate profit from total asset base.
In focus — financials by report
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 2,75 |
| Revenue | —no estimate | —no estimate | 1,3B USD |
| Operating income | —no estimate | —no estimate | 699,9M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Source documents mention dilution or offering risk.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Price To Tangible Bookmarket_price / (tangible_book_value / shares_outstanding_diluted)
- Price To Bookmarket_price / (adjusted_book_value / shares_outstanding_diluted)
- Return On Equitynet_income / total_equity
- Enterprise Valuemarket_cap - net_cash
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Blackstone Secured Lending Fund company facts · 2026-07-26
- Blackstone Secured Lending Fund 10-Q 2026-05-07 · 2026-07-26
- Blackstone Secured Lending Fund 10-K 2026-02-25 · 2026-07-26
- Blackstone Secured Lending Fund 10-Q 2025-11-10 · 2026-07-26
- Blackstone Secured Lending Fund 10-Q 2025-08-06 · 2026-07-26
- 8-K (sec_8k_material) on BXSL · 2026-07-26
- Blackstone Secured Lending Fund Market data — analyst estimates · 2026-07-26
- Blackstone Secured Lending Fund Market data — ESG · 2026-07-26
- Blackstone Secured Lending Fund HA canonical relationships · 2026-07-26
Ownership & reference
Top holders
- Investment Managers · as of 2026-03-310,02 %$112M
- Brokerage Firms · as of 2026-03-310,01 %$48M
- Investment Managers · as of 2026-03-310,01 %$142M
- Brokerage Firms · as of 2026-03-310,00 %$16M
- Institutional Investor · as of 2026-03-310,00 %$20M
- Investment Managers · as of 2026-03-310,00 %$15M
- Investment Managers · as of 2026-03-310,00 %$14M
- Institutional Investor · as of 2026-03-310,00 %$13M
- Investment Managers · as of 2026-03-310,00 %$3M
- Investment Managers · as of 2024-06-300,00 %$18M
- Institutional Investor · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2026-03-310,00 %$1M
- Funds · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2026-03-310,00 %$7M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$0M
Insider activity
- Trustee · Common Shares of Beneficial InterestBought 2 095 @ $23,80$50K · 2026-05-12
- See Remarks · Common Shares of Beneficial InterestBought 1 045 @ $23,48$25K · 2026-03-13
- Trustee · Common Shares of Beneficial InterestBought 750 @ $23,78$18K · 2026-03-11
- Chief Operating Officer · Common Shares of Beneficial InterestBought 1 035 @ $24,08$25K · 2026-03-10
- Trustee · Common Shares of Beneficial InterestBought 2 000 @ $26,68$53K · 2025-11-11
- Trustee · Common Shares of Beneficial InterestBought 3 760 @ $26,63$100K · 2025-10-06
Short positioning
Geographic breakdown
Intel & risk
no material change vs prior analysis (walked 17 fields; 4 schema-expansion field(s) excluded)
- Narrative— → —medium
- Conclusion— → —medium
- Key takeaways— → —medium
Evidence & claims
From filings & derived data- EPS (diluted) (YoY) (2025-12-31 vs 2024-12-31): -28.7%Derived (calculated)
- Long-term debt (YoY) (2025-12-31 vs 2024-12-31): 14.5%Derived (calculated)
- Net income (YoY) (2025-12-31 vs 2024-12-31): -18.8%Derived (calculated)
- Operating cash flow (YoY) (2025-12-31 vs 2024-12-31): 81.8%Derived (calculated)
- Debt-to-equity (FY 2025-12-31): 1.35xDerived (calculated)
- Return on assets (FY 2025-12-31): 3.8%Derived (calculated)
- Return on equity (FY 2025-12-31): 9.0%Derived (calculated)
- Total assets (YoY) (2025-12-31 vs 2024-12-31): 8.8%Derived (calculated)
- Total liabilities (YoY) (2025-12-31 vs 2024-12-31): 13.7%Derived (calculated)
- Shareholders' equity (YoY) (2025-12-31 vs 2024-12-31): 2.8%Derived (calculated)
- Cash & equivalents (YoY) (2025-12-31 vs 2024-12-31): 26.1%Derived (calculated)
- EPS (basic) (YoY) (2025-12-31 vs 2024-12-31): -28.7%Derived (calculated)
- Operating cash flow (annual): USD -458.66MSEC XBRL filing
- EPS (diluted) (annual): USD-PER-SHARES 2SEC XBRL filing
- Total assets (annual): USD 14.66BSEC XBRL filing
- Total liabilities (annual): USD 8.41BSEC XBRL filing
- Interest expense (annual): USD 381.64MSEC XBRL filing
- Cash & equivalents (annual): USD 289.61MSEC XBRL filing
- EPS (basic) (annual): USD-PER-SHARES 2SEC XBRL filing
- Net income (annual): USD 563.46MSEC XBRL filing
- Long-term debt (annual): USD 8.08BSEC XBRL filing
- Shares outstanding (annual): 231.97MSEC XBRL filing
- Shareholders' equity (annual): USD 6.25BSEC XBRL filing
- Debt-to-equity (FY 2024-12-31): 1.22xDerived (calculated)