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Key financial summary
Financials in USD| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Total revenue | $m | 238 | 587 | 584 | 875 | 1,048 | 1,267 | 1,082 | 1,283 |
| Operating profit | $m | 961 | 595 | ||||||
| Net profit | $m | 219 | 460 | 405 | 612 | 694 | 563 | 293 | 664 |
| EPS reported | $ | 2.46 | 1.27 | ||||||
| Operating cashflow per share | $ | -2.00 | 0.64 | ||||||
| Capex per share | $ | 0.00 | 0.00 | ||||||
| FCF per share | $ | -2.00 | 0.64 | ||||||
| Free cash flow | $m | -459 | 148 | ||||||
| Net debt | $m | 7,791 | 7,269 | ||||||
| Book value equity | $m | 6,245 | 5,939 | ||||||
| Book value per share | $ | 27.25 | 25.54 | ||||||
| Number of shares | m | 229.16 | 232.56 | ||||||
| DPS (TTM paid) | $ | 3.08 | 3.08 |
Financial summary
Financials in USD| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Value | |||||||||
| P/E TTM | x | 10.70 | 18.39 | ||||||
| P/B LTM | x | 0.97 | 0.92 | ||||||
| P/S LTM | x | 4.76 | 5.06 | ||||||
| P/FCF LTM | x | -13.16 | 37.00 | ||||||
| EV/EBITDA LTM | x | 14.58 | 16.86 | ||||||
| EV/Sales LTM | x | 10.91 | 11.78 | ||||||
| Earnings Yield LTM | % | 9.35% | 5.44% | ||||||
| FCF Yield | % | -7.60% | 2.70% | ||||||
| Quality | |||||||||
| ROE | % | 9.02% | 4.78% | ||||||
| ROIC | % | 6.67% | 4.28% | ||||||
| Operating margin | % | 75.83% | 54.98% | ||||||
| Gross margin | % | 78.58% | 110.41% | ||||||
| FCF/Sales | % | -36.21% | 13.68% | ||||||
| Growth and momentum | |||||||||
| EPS Growth YoY | % | -28.70% | -55.28% | ||||||
| Sales Growth YoY | % | +20.92% | +6.61% | ||||||
| Net Income Growth YoY | % | -18.82% | -52.61% | ||||||
| FCF Growth | % | - | - | ||||||
| Operating Profit Growth | % | +35.55% | -6.31% | ||||||
| Dividend and capital structure | |||||||||
| Dividend Yield | % | 11.24% | 13.18% | ||||||
| Dividend Growth | % | 0.00% | 0.00% | ||||||
| Payout Ratio | % | 120.26% | 232.56% | ||||||
| FCF/Debt | x | -0.06 | 0.02 | ||||||
| Net Debt/EBITDA | x | 8.22 | 9.61 | ||||||
| EBIT/Net interest | x | 2.52 | 1.05 | ||||||
| Net debt/market cap | % | 129.11% | 132.77% | ||||||
| Net debt/Equity | x | 1.25 | 1.22 | ||||||
| Gross debt/equity | x | 1.29 | 1.27 | ||||||
ETFs that hold Blackstone Secured Lending Fund
| Fund | Ticker | Position# | Weight |
|---|---|---|---|
| VanEck BDC Income ETF | BIZD | 6 | 5.26% |
| Putnam BDC Income ETF | PBDC | 8 | 4.44% |
Funds with Blackstone Secured Lending Fund among their ten largest holdings, largest fund first.
Price target estimates
Based on consensus from external analysts. Not Kvantra's opinion.
Ratings
Based on consensus from external analysts. Not Kvantra's opinion.
ESG
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| ESG-score | |||
| Environmental score | |||
| Social score | |||
| Governance score | |||
| Risk rating |
Company overview
Blackstone Secured Lending Fund (BXSL) is a Delaware statutory trust, established on March 26, 2018, that operates as an externally managed, non-diversified closed-end investment fund. On October 26, 2018, it formally became regulated as a Business Development Company (BDC) under the Investment Company Act of 1940. Additionally, for U.S. federal income tax purposes, it has chosen and plans to retain its status as a Regulated Investment Company (RIC), as defined by Subchapter M of the Internal Revenue Code of 1986. The fund's core mission is to generate current income, complemented by a secondary focus on long-term capital appreciation. To achieve these goals, BXSL primarily invests in private U.S. small and middle-market companies. Its strategy centers on originating various debt and equity securities, most notably first lien senior secured and unitranche loans (which encompass first out/last out structures). While these form the bulk of its holdings, the fund also selectively invests in syndicated loans, second lien, third lien, unsecured, and subordinated loans, as well as other debt and equity instruments.
Similar companies
For informational purposes only. Kvantra provides data and quantitative analysis, not investment advice. KvantraRank is a mechanical model output. Analyst price targets and ratings are sourced from third parties and are not Kvantra recommendations. Past performance does not guarantee future results; all investments carry risk.
Blackstone Secured Lending Fund (BXSL)
| Fund | Ticker | Position# | Weight |
|---|---|---|---|
| VanEck BDC Income ETF | BIZD | 6 | 5.26% |
| Putnam BDC Income ETF | PBDC | 8 | 4.44% |
Funds with Blackstone Secured Lending Fund among their ten largest holdings, largest fund first.
Consensus from external analysts. Not Kvantra's opinion.
Based on consensus from external analysts. Not Kvantra's opinion.
Blackstone Secured Lending Fund (BXSL) is a Delaware statutory trust, established on March 26, 2018, that operates as an externally managed, non-diversified closed-end investment fund. On October 26, 2018, it formally became regulated as a Business Development Company (BDC) under the Investment Company Act of 1940. Additionally, for U.S. federal income tax purposes, it has chosen and plans to retain its status as a Regulated Investment Company (RIC), as defined by Subchapter M of the Internal Revenue Code of 1986. The fund's core mission is to generate current income, complemented by a secondary focus on long-term capital appreciation. To achieve these goals, BXSL primarily invests in private U.S. small and middle-market companies. Its strategy centers on originating various debt and equity securities, most notably first lien senior secured and unitranche loans (which encompass first out/last out structures). While these form the bulk of its holdings, the fund also selectively invests in syndicated loans, second lien, third lien, unsecured, and subordinated loans, as well as other debt and equity instruments.
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