Blackstone Secured Lending Fund (BXSL)

Price$24.72Cached quoteAs of 2026-09-05 06:24 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because the discount to assets offsets weakening dividend coverage.

The shares trade about 3% below June net asset value of $25.53 per share and at roughly eight times trailing net investment income, meaning interest and fee income after fund expenses. Trailing net investment income was $3.14 per share, implying an earnings yield near 13%, while the regular dividend yield is about 12.5%. However, second-quarter income of $0.75 covered only 97% of the $0.77 dividend. That mix of high yield, modest asset discount and weakening coverage supports a balanced valuation rather than a clear bargain.

Big pictureIncome remains high, but falling rates and stressed borrowers can erode future returns.

BXSL's portfolio remains highly income-producing, with a 9.4% yield on performing debt investments and roughly 96% of debt carrying floating interest rates. That floating structure benefited earnings when rates were high but means falling short-term rates can reduce borrower interest payments and BXSL's income. Credit also matters: net asset value fell about 7% year over year despite dividends, reflecting investment markdowns. More than $700 million of second-quarter repayments also exceeded new funding, so maintaining income requires attractive reinvestment opportunities without weakening lending standards.

Business strengthSenior secured loans and ample liquidity provide protection, while leverage and share issuance add risk.

About 97% of investments are first-lien senior secured loans, average borrower loan-to-value is roughly 52%, and the portfolio spans 313 companies. BXSL also reported about $2.8 billion of liquidity. Against those protections, debt-to-equity leverage was about 1.28 times. The share count has risen materially as the fund raised equity; in 2025 alone it issued about 9.3 million shares through its market-sale program. For a lender, operating cash flow swings with loan purchases and repayments, so dividend coverage and asset values are more useful durability measures.

What could change the storyImproving credit quality could unlock upside, while a dividend cut would challenge the current yield.

Non-accrual loans, where borrowers have stopped generating normal interest income, improved to 1.8% of investments at fair value from about 3.1% in the prior quarter, which is encouraging. Yet they represent 3.6% at original cost, and quarterly net investment income has slipped from $0.82 last year's third quarter to $0.75 most recently. The bull case strengthens if problem loans keep declining and new lending offsets lower rates. Several quarters of income below the $0.77 dividend would instead make a payout reduction increasingly likely and weaken the valuation case.

AI: News

Second-quarter credit resetAn earnings beat and improving problem loans lifted shares despite weaker asset values and dividend coverage.

On August 6, BXSL reported net investment income of $0.75 per share, beating the roughly $0.66 consensus estimate, while keeping its quarterly dividend at $0.77. Net asset value fell 2.8% from the prior quarter to $25.53 per share, but non-accrual investments improved to 1.8% of fair value. Shares gained about 3.5% that day. The reaction suggests investors gave substantial weight to the earnings beat and credit improvement despite continued pressure on book value and dividend coverage.

First-quarter credit warningEarlier results exposed rising problem loans and showed that high income alone was not enough to reassure investors.

On May 7, BXSL reported first-quarter net investment income of $0.77 per share, enough to cover the regular dividend, while net asset value stood at $26.26 per share. Management also disclosed that non-accruals had risen from historically low levels. The shares fell about 0.8% on the report date, with revenue also below market expectations. Attribution is uncertain, but the combination of rising credit stress and weaker revenue helped frame the concerns that remained visible in the second-quarter valuation.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$1.42B	$1.33B	$1.14B	$850.3M	$624.7M	$389.6M
Operating expenses	$28.3M	$22.6M	−$10.0M	−$19.3M	—	—
Net income	$563.5M	$694.1M	$612.0M	$404.6M	$460.4M	$218.6M
Net profit margin	39.71%	52.31%	53.51%	47.58%	73.70%	56.11%
Basic EPSper basic share	$2.46	$3.45	$3.65	$2.44	$3.19	$2.29
Diluted EPSper diluted share	$2.46	$3.45	$3.65	$2.44	$3.19	$2.29

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

2.73%of listed shares

MORGAN STANLEY6.36M shares · Jun 30, 2026

View holders

Top 20 reported holders of BXSL
Holder	% owned
MORGAN STANLEY	2.73%6.36M shares
BANK OF AMERICA CORP /DE/	2.42%5.63M shares
UBS Group AG	2.20%5.13M shares
VAN ECK ASSOCIATES CORP	1.79%4.16M shares
STRS OHIO	1.72%4M shares
Ensign Peak Advisors, Inc	1.42%3.3M shares
Blackstone Inc.	1.38%3.21M shares
NOMURA ASSET MANAGEMENT CO LTD	1.36%3.15M shares
Generali Asset Management SPA SGR	1.12%2.6M shares
Corient Private Wealth LP	0.98%2.28M shares
OMERS ADMINISTRATION Corp	0.95%2.22M shares
WELLS FARGO & COMPANY/MN	0.86%1.99M shares
Sound Income Strategies, LLC	0.78%1.82M shares
ROYAL BANK OF CANADA	0.65%1.5M shares
JPMORGAN CHASE & CO	0.65%1.5M shares
Creative Planning	0.55%1.29M shares
Muzinich & Co., Inc.	0.51%1.2M shares
Cresset Asset Management, LLC	0.50%1.17M shares
HighTower Advisors, LLC	0.48%1.11M shares
GOLDMAN SACHS GROUP INC	0.46%1.07M shares

Percentages use 232.65M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys7$320.7K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 12, 2026Form 4	Bass Robert JOther	BuyCommon Shares of Beneficial Interest	2.1K	$23.80	$49.9K	25.1K
Mar 13, 2026Form 4	ENNS LUCIESee Remarks	BuyCommon Shares of Beneficial Interest	1.0K	$23.48	$24.5K	1.0K
Mar 11, 2026Form 4	Clark James FredericOther	BuyCommon Shares of Beneficial Interest	750	$23.78	$17.8K	2.8K
Mar 10, 2026Form 4	Rubenstein KatherineChief Operating Officer	BuyCommon Shares of Beneficial Interest	1.0K	$24.08	$24.9K	5.8K
Nov 11, 2025Form 4	Clark James FredericOther	BuyCommon Shares of Beneficial Interest	2.0K	$26.68	$53.4K	2.0K